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ECON 2210 (1)
M.Yu (1)
Chapter 1

Chapter 1 Vocabulary.docx

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ECON 2210

Chapter 1 Vocabulary economy – a system where scarce resources are allocated among competing uses factors of production – resources used to produce goods + services; (land, labour, capital) goods – tangible commodities (eg, cars & shoes) services – intangible commodities (eg. haircuts & medical care) production – the act of making goods or services consumption – the act of using goods or services to satisfy wants opportunity cost – cost of using resources for a certain purpose - measured by benefit given up by not using them in their best alternative use - give up / gain production possibilities boundary – a curve showing which alternative combinations of commodities can be attained if all available resources are used efficiently - boundary between attainable and unattainable output combinations resource allocation – the allocation of an economy’s scarce resources of land, labour and capital among alternative uses microeconomics – the study of the causes and consequences of the allocation of resources as it is affected by the workings of the price system macroeconomics – the study of the determination of economic aggregates such as total output, the price level, employment and growth specialization of labour – the specialization of individual workers in the production of particular goods or services division of labour – breaking up of a production process into a series of specialized tasks, each done by a different worker barter – economic system where goods and services are traded directly for other goods and services transnational corporations (TNCs) – firms that have operations in more than one country
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