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  • Learning Unit 1 Introduction To Economics (Chapter 1 To 3, Mankiw)

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    This document is a glossary for an economics learning unit that introduces concepts from chapters 1 to 3 of a textbook by Mankiw. It defines 29 important economic terms, including absolute advantage, comparative advantage, consumption, cost, economic growth, household, incentive, marginal, opportunity cost, production possibilities frontier, productivity, property rights, rational, resources, scarcity, trade, unemployment and others.

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    LU!

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    1. Glossary LU1

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    This document is a glossary for an economics learning unit that introduces concepts from chapters 1 to 3 of a textbook by Mankiw. It defines 29 important economic terms, including absolute advantage, comparative advantage, consumption, cost, economic growth, household, incentive, marginal, opportunity cost, production possibilities frontier, productivity, property rights, rational, resources, scarcity, trade, unemployment and others.

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    © All Rights Reserved
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    5 views1 page

    Learning Unit 1 Introduction To Economics (Chapter 1 To 3, Mankiw)

    Uploaded by

    law jinzhi
    This document is a glossary for an economics learning unit that introduces concepts from chapters 1 to 3 of a textbook by Mankiw. It defines 29 important economic terms, including absolute advantage, comparative advantage, consumption, cost, economic growth, household, incentive, marginal, opportunity cost, production possibilities frontier, productivity, property rights, rational, resources, scarcity, trade, unemployment and others.

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    © All Rights Reserved
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    of 1

    EBE1053 Principles of Economics GLOSSARY

    LEARNING UNIT 1

    INTRODUCTION TO ECONOMICS

    (Chapter 1 to 3, Mankiw)

    1. Absolute advantage
    2. Allocate
    3. Alternative
    4. Assumption
    5. Bystander
    6. Circular flow diagram
    7. Comparative advantage
    8. Consumption
    9. Cost
    10. Decrease
    11. Economic growth
    12. Economy
    13. Efficiency
    14. Equity
    15. Externality
    16. Household
    17. Incentive
    18. Increase
    19. Inflation
    20. Margin/marginal
    21. Opportunity cost
    22. Production possibilities frontier
    23. Productivity
    24. Property right
    25. Rational
    26. Resources
    27. Scarce/scarcity
    28. Trade/trade-off
    29. Unemployment

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