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10 Cards in this Set
- Front
- Back
Economics |
The study of how people seek to satisfy their needs and wants by making choices with scarce resources. |
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Scarcity |
Forces people to make choices when they produce or use goods and services. |
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Factor Market |
A market place where factors of productions such as labor, capital, and resources are purchased and sold. |
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Opportunity Cost |
When we make a choice, we are choosing not to do something else. |
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Microeconomics |
Approaches the study of economics from the viewpoint of individual households and firms. |
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Macroeconomics |
Approaches the study of economics from the viewpoint of the economy as a whole. |
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Specialization |
The basis of global trade as a few countries produce enough goods to be completely self-sufficient. |
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Sunk Cost |
Past opportunity costs that are irrelevant for future decision making. |
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Value |
The worth of a good or service as determined by peoples preference's and the trade offs they choose to make given their scarce resources, or the value the market places on them. |
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Division of Labor |
U.S. government cabinet body, responsible for standards in occupational safety, wages and a number of hours works, unemployment insurance benefits, reemployment services, and a portion of the countries economic statistics. |