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ECON WIT HARRIS Test

Enter the letter for the matching Definition
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1.
Specialization
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2.
Deferment
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3.
Microeconomics
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4.
depreciation
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5.
Interest Rate
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6.
Opportunity Cost
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7.
Gain from Trade
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8.
Scarcity
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9.
Principal
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10.
Division of Labor
A.
allows individuals to perform the tasks they do best
B.
occurs when people or countries can concentrate on the items that can be produced most efficiently
C.
allows you to temporarily stop making payments on your federal student loans
D.
are the improvements in income, production, or satisfaction owing to the exchange of goods or services
E.
the price paid for using someone elses money, expressed as a % of the amount borrowed
F.
an original amount of money invested or lent
G.
the condition that results because people have limited resources but unlimited wants
H.
Opposite of appreciation, which is to diminish in value over a period of time
I.
the value of the next highest valued alternative use of the resource
J.
examines the behavior and decisions of individual firms and households and the way they interact in specific industries and markets
Type the Term that corresponds to the displayed Definition.
incorrect
11.
(whole national economy or world economy) examines the workings and problems of the whole economy, looking at features such as GDP growth and unemployment
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12.
any factor that encourages or motivates a person to do something
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13.
when one person or group can produce one good at a lower opportunity cost than another person or group
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14.
the paying off of debt with a fixed repayment schedule in regular installments over a period of time
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15.
the opportunity to borrow money or receive goods or services in return for a promise to pay later
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16.
An increase in the value of an asset over time
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17.
interest paid on the principal of a loan and the interest owed
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18.
a single number assigned to a person used by lenders to predict the risk that borrower will not repay
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19.
interest paid only on the principal of a loan
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20.
unpaid interest that has been added to the outstanding principal balance of a loan

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