Flashcards in OPENSTAX CH.1 Deck (8)
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1
adam smith
divison and specialization of labor
2
economies of scale
level of proudction increases, avg cost of producing each invid decreases
3
microeconomics
actions of individual agents within economy- households, workers, businesses
4
macroeconomics
economy as whole - number uneployed, inflationary, prices
5
monetary policy
policy affecting bank lending, interest rates, federal reserve, financial capital markets
6
fiscal policy
gov taxing and spending
7
circular flow diagram includes
households, resource market, businesses/firms, product market
8
