Introduction to Economics

A set of vocabulary flashcards covering essential economic concepts and terms from the lecture.

Scarcity

Limited resources versus unlimited wants.

Division of labor

Specialization in specific tasks to increase efficiency.

Economies of scale

Cost advantages from larger production scales.

Microeconomics

Study of individual economic units such as households and firms.

Macroeconomics

Study of the overall economy including inflation, unemployment, and growth.

Market economy

Economic system driven by private ownership and market forces.

Command economy

Government-controlled economic system for production, pricing, and distribution.

Globalization

Integration and interdependence of world economies through trade and capital flows.

Fiscal policy

Government taxation and spending decisions impacting the economy.

Monetary policy

Central bank regulation of money supply and interest rates.