Econ Vocabulary Site #ISSAECON

Externality- A consequence that is served by a second party for just one individuals benefit // The externality of smoking a cigarette can lead to cancer for the second party near you.
Scarcity- Limited amount of an object or something // There is a scarce amount of woody trucks in the world due them being very old.
Economic Perspective- The process of coming up with a decision for buying or selling a good // Before purchasing a car, you must first look at the economic perspective due to having to pay monthly to the dealer, insurance, and gas money as well.
Rational Self Interest- The decision of using money to buy a good but analyzing the cost and benefit that comes along with buying the good // The mans rational self interest is what led him into purchasing the house for his soon to come family and the cost along with the size of the house.
Opportunity Cost- Abandoning and facing a consequence for choosing "plan B" when "plan A" was already a priority // The opportunity cost was a benefitting factor as to why the man bought himself cheaper shoes that were uglier rather than purchasing the more expensive and better looking shoes despite him having the money in hand.
Marginal Cost- The extra cost of a good or service // The soccer jersey consisted of marginal cost due to having to pay for the mans labor after applying names and numbers on the back.
Marginal Benefit- An extra benefit from consuming one more good/ service // The marginal benefit of buying a leather belt rather than a vinyl belt was being able to use the leather belt for a longer period of time.
Marginal Analysis- Analyzing if the benefit and cost are worthy of buying or producing the good/ service // Before creating some sweaters for the organization we made, we had to first marginal analyze if it would be better to get cotton sweaters or dry fit sweaters.
Utility- The enjoyment that the good/ service gives to the consumer // The increase in utility is what lead to the government making bigger bills for society.
Incentive- The purpose for buying or doing something // I brought the computer cart despite it weighing so much just because they told me there would be an incentive.
Monetary Incentive- An incentive that comes along with having to do with money // The monetary incentive is what lead me into purchasing a Gucci brand belt rather than a no brand belt.
Non- Monetary Incentive- An incentive that comes along with not having to do with money; not money based // We made the organization despite that a non monetary incentive was going to come along with it.
Supply- An amount of goods/ services made for the public // Yeezys are limited to the public which is why their supply is so limited.
Demand- Decision/ interest for a buying willing to buy a good/ service no matter the cost of it // The high demand is what caused Adidas to come out with the OG color way of NMDs.
Economics- Wealth // Economics is a course that is essential to all schools in order to graduate.
Market- System of selling or buying a good/ service // The black market is where illegal items are sold most of the time.
Public Goods- A good/ service made for the public without anyone benefiting from it // A public good that comes easily to come is promoting their business through handing out flyers.
Private Costs- The cost or amount of money a producer pays for his good/ service to be made // The business man had to pay a private cost for him to make banners and promote his business.
External Cost- A cost that a third party faces for consuming a good/ service // An external cost consuming yeezys is for Kanye West since its his brand and Adidas sells it.
Private Benefit- A benefit along with consuming a good/ service from either a seller or buyer // Craigslist is a new source of private benefit to people who are trying to sell items in local areas.
External Benefit- A benefit of consuming a good/ product for a third party // An external benefit for a dealership would be selling brand cars.
Negative Externality- The consequence faced by a third party after consuming a good/ service by a first and second party // The selling of tobacco was a negative externality for the public since many use it in local parks.
Positive Externality- A good consequence by a third party after consuming a good/ service by a first and second party // The buying of food from the public at a restaurant.
Traditional Economy- An economy set up by beliefs from the past, carried on from generation to generation and so on // Most hispanic men often follow in their dads foot steps because they often have traditional economies.
Command Economy- Decisions made by the government in order to run the economy better // We currently live a command economy as to where the government tries to tell the public what to do.
Market Economy- Economy based off of the public consuming a good more and more often // The public often goes to the market economy where most crops can be purchased.
Mixed Economy- Economy ran by private and public organizations // The colleges in the US often are ran by mixed economies as to where people pay public organizations for tuition.

Credits:

Created with images by PublicDomainPictures - "book hardcover text" • Moyan_Brenn - "Smoke" • Rex Gray - "1949 Dodge Power Wagon - red - fvl" • JeepersMedia - "Ford Dealership" • kellogg - "House" • stevepb - "shoes footwear hiking shoes" • woodleywonderworks - "blood, mud, sweat and tears [jersey]" • string2006 - "belt belt buckle metal" • Menswear Market - "Celtic-fisherman-sweater" • Cooperweb - "Money" • flavouz - ""brothers"" • Morgan Mafu - "Yeezy.png" • Steven Santiago Photography - "Adidas NMD "All The Way UP"" • jarmoluk - "apple education school"

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