Chapter 1 - Foundations of Economics
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1
Scarcity
The limited nature of society's resources, given society's unlimited wants and needs
2
Economics
The study of how individuals and societies allocate their limited resources to satisfy their nearly unlimited wants
3
Microeconomics
The study of the individual units that make up the economy
4
Macroeconomics
The study of the overall aspects and workings of an economy
5
Incentives
Factors that motivate a person to act or exert effort
6
Opportunity Cost
The highest-valued alternative that must be sacrificed to get something else
7
Economic Thinking
A purposeful evaluation of the available opportunities to make the best decision possible
8
Marginal Thinking
Requires decision-makers to evaluate whether the benefit of one more unit of something is greater than its cost
9
Markets
Bring buyers and sellers together to exchange goods and services
10
Circular Flow
How resources and final goods and services flow through the economy
11
Barter
Involves individuals trading a good they already have or providing a service in exchange for something they want
12
Double Coincidence of Wants
Occurs when each party in an exchange transaction has what the other party desires
13
Trade
The voluntary exchange of goods and services between two or more parties
14
Comparative Advantage
Refers to the situation where an individual, business, or country can produce at a lower opportunity cost than a competitor can
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