ECON 101 - Chapter 1-5 Terms (Excel Sheet)

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University of British Columbia
ECON 101
Robert Gateman

Barter An economic system in which goods and services are traded directly for other goods and servicesCommand economy An economy in which most economic decisions are made by a central planning authorityConsumption The act of using goods or services to satisfy wantsDivision of labour The breaking up of a production process into a series of specialized tasks each done by a different workerEconomy A system in which scarce resources are allocated among competing usesFactors of production Resources used to produce goods and services frequently divided into the basic categories of land labour and capitalFreemarket economy An economy in which most economic decisions are made by private households and firmsGoods Tangible commodities such as cars or shoesMacroeconomics The study of the determination of economic aggregates such as total output the price level employment and growthMicroeconomics The study of the causes and consequences of the allocation of resources as it is affected by the workings of the price systemMixed economy An economy in which some economic decisions are made by firms and households and some by the governmentOpportunity cost The cost of using resources for a certain purpose measured by the benefit given up by not using them in their best alternative useProduction possibilities boundary A curve showing which alternative combinations of commodities can just be attained if all available resources are used efficiently it is the boundary between attainable and unattainable output combinationsProduction The act of making goods or servicesResource allocation The allocation of an economys scarce resources of land labour and capital among alternative usesServices Intangible commodities such as haircuts or medical careSpecialization of labour The specialization of individual
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