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division of labor
the way in which different workers divide required tasks to produce a good or service
economics
the study of how humans make choices under conditions of scarcity
economies of scale
when the average cost of producing each individual unit declines as total output increases
fiscal policy
economic policies that involve government spending and taxes
macroeconomics
the branch of economics that focuses on broad issues such as growth, unemployment, inflation, and trade balance
microeconomics
the branch of economics that focuses on actions of particular agents within the economy, like households, workers, and business firms
monetary policy
policy that involves altering the level of interest rates, the availability of credit in the economy, and the extent of borrowing
scarcity
when human wants for goods and services exceed the available supply
specialization
when workers or firms focus on particular tasks for which they are well-suited within the overall production process
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