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Comparative Advantage
Refers to the situation in which an individual, business, or country can produce at a lower opportunity cost than a competitor can
Economics
Is the study of how people allocate their limited resources to satisfy their nearly unlimited wants
Economic Thinking
Involves a purposeful evaluation of the available opportunities to make the best decision possible, systematically evaluating a course of action
Incentives
Factors that motivate you to act or to exert effort
Macroeconomics
Is the study of the overall aspects and workings of an economy, such as inflation, growth, employment, interest rates, and the productivity of the economy as a whole
Markets
Bring buyers and sellers together to exchange goods and services
Marginal Thinking
Requires decision-makers to evaluate whether the benefit of one more unit of something is greater than its cost.
Microeconomics
Is the study of the individual units that make up the economy
Opportunity Cost
Is the highest valued alternative that must be sacrificed in order to get something else
Scarcity
The term used to describe the limited nature of society's resources is scarcity
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