Glossary

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.
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1 Response so far »

  1. 1

    Jessica Okazaki said,

    This is a really good idea. This will help others understand the terms, and also this can be a study guide for you for the tests! Keep on making the list longer. Good luck!


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