I have wrote down the economics terms that I know:
- Economics – is a social science of how humans make choice with limited amount of resources.
- Micro-economics – looks at individual economic relationships. The scale is usually small.
- Macro-economics – looks at overall economic structure of the society. It looks at the big picture.
- Economic growth – is a potential productive growth. The increase in real GDP indicates this growth well.
- Economic development – does not concerns much with the growth in potential productive strength, however, looks at the improvement of human standard of living.
- Ceteris paribus – is a concept that everything affect another. So this concept is very important in economics because even minor factor could effect economic assumptions.
- Scarcity – is the key reason why there is a study called economics. Due to the lack of resources, humans have to make choices.
- Different rationing systems – societies have various kinds of economic structures such as free market system, socialistic system, and mixed system.