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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

marginal decision means

"last" of something