Ch. 1 Vocab
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Last updated 1:18 AM on 9/27/22
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11 Terms
1
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scarcity
the limited nature of society's resources, given society's unlimited wants and needs
2
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economics
the study of how individuals and societies satisfy their unlimited wants with limited resources
3
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macroeconomics
the study of the overall aspects and workings of an economy
4
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incentives
factors that motivate a person to act or exert effort
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opportunity cost
the highest-valued alternative that must be sacrificed in order to get something else
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economic thinking
requires a purposeful evaluation of the available opportunities to make the best decision possible
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marginal thinking
requires decision-makers to evaluate whether the benefit of one more unit of something is greater than its cost
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markets
brings buyers and sellers together to exchange goods and services
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circular flow diagram
shows how goods, services, and resources flow through the economy
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trade
the voluntary exchange of goods and services between two or more parties
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comparative advantage
the situation where an individual, business, or country can produce at a lower opportunity cost than a competitor can
