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Econ 1250 Midterm Terminologies_FLASHCARD.docx

6 Pages

Course Code
ECON 105
Seong- Jun Choi

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Often divided into 3 categories of land labour Resourcesand capitalScarcity implies that choices must be made and Scarcity and the need for choicemaking choices implies the existence of costThe costs of using resources for a certain Opportunity Costpurpose measured by the benefit foregone by not using them in their best alternative useThe study of the use of scarce resources to Economicssatisfy unlimited human wantsMicroeconomics concerns the causes and consequences of allocations while Microeconomics vs MacroeconomicsMacroeconomics determines economic aggregates1 selforganizing3 Characteristics of Market Economy2 efficiency3 incentives and selfinterestThe specialization of individual workers in the production of particular goods and services2 Specializationreasons comparative advantage learning by doingThe breaking up of a production process into a series of specialized tasks each done by a Division of labourdifferent worker2 types mass production flexible manufacturing1 maximizing decisions in economics people are assumed to be maximizersHow are decisions made2 marginal decision consumers compare their marginal benefit to marginal costThe increased importance of international trade2 Globalizationmajor causes reduction in transportation costs revolution in information technologyAn economy in which behaviour is based
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