Microeconomics - 1.1

These flashcards cover key vocabulary and concepts from the Principles of Microeconomics lecture.

CORE

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Malthusian Trap

A theory that suggests population growth will outstrip agricultural production, leading to subsistence living standards.

Scarcity

The economic problem of having seemingly unlimited human wants in a world of limited resources.

Economic Growth

The increase in the amount of goods and services produced per head of the population over a period of time.

Microeconomics

The branch of economics that studies individual and firm behavior in decision making and allocation of resources.

Macroeconomics

The branch of economics that studies the behavior of an economy as a whole, including issues like growth, unemployment, inflation, and public policies.

Comparative Advantage

An economic theory that describes how individuals or nations can gain from trade by producing goods at a lower opportunity cost.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen.

Industrial Revolution

A period characterized by the transition to new manufacturing processes, significantly increasing production capacity.

Climate Change

Long-term changes in temperature and weather patterns, primarily caused by human activities such as industrialization.