University:
Western Governors University
Course:
C211 | Global Economics
Academic year:

2019
Views:

197

Pages:

2
Author:

Arely A

Principles of Macroeconomics Terms in this set (11) scarcity the limited nature of society's resources the study of how people allocate their limited economics resources to satisfy their nearly unlimited wants microeconomics the study of the individual units that make up the economy the study of the overall aspects and workings macroeconomics of an economy, such as inflation, growth, employment, interest rates, and the productivity of the economy as a whole incentives factors that motivate you to act or to exert effort opportunity cost the highest-valued alternative that must be sacrificed in order to get something else involves a purposeful evaluation of the economic thinking available opportunities to make the best decision possible requires decision-makers to evaluate whether marginal thinking the benefit of one more unit of something is greater than its cost markets trade bring buyers and seller other to exchange goods and services the voluntary exchange of goods and services between two or more parties