Economics vocab. Word Scramble
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| Term | Definition |
| Incentive | Any factor that encourages or motivates someone to do something. |
| Scarcity | The condition that results because people have limited resources but unlimited wants. |
| The mantra of economics | People make choices with scarce resources, and they interact with others when they make these choices. |
| Microeconomics | Examines the behavior and decisions of individual firms and households and the way they interact in specific industries and markets. |
| Macroeconomics | Focuses on the whole national economics or even the whole world economy. The workings and problems of the whole economy. |
| Specialization | occurs when people or countries can concentrate on the items that can be produced most efficiently. Ex: Canada and maple syrup. |
| Division of labor | allows individuals to perform the tasks they do best. |
| Comparative Advantage | when one person or group can produce one good at a lower opportunity cost than another person or group. |
| Opportunity cost | The value the next highest value alternative of the resource |
| The law of diminishing utility | When the quantity of something consumed goes up, the utility or satisfaction goes down. |
| Utility | Satisfaction or improvement. |
| Gains from trade | Improvements in income, production, or satisfaction owing to the exchange of goods or services. |
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