between attainable and unattainable output combinations.
resource allocation
The allocation of an economy’s scarce resources among alternative uses.
microeconomics
The study of the causes and consequences of the allocation of resources
as it is affected by the workings of the price system.
macroeconomics
The study of the determination of economic aggregates such as total
output, employment, and growth.
specialization of labour
The specialization of individual workers in the production of particular
goods or services.
division of labour
The breaking up of a production process into a series of specialized tasks,
each done by a different worker.
barter
An economic system in which goods and services are traded directly for
other goods and services.
traditional economy
An economy in which behaviour is based mostly on tradition.