Terms : Hide Images
| 40584320 | Scarcity | the limited nature of society's resources. | |
| 40584321 | Economics | the study of how society manages its scarce resources. | |
| 40584322 | Efficiency | the property of society getting the most it can from its scarce resources. | |
| 40584323 | Equity | the property of distribution economic prosperity fairly among the members of society. | |
| 40584324 | Opportunity Cost | whatever must be given up to obtain some item. | |
| 40584325 | Rational People | people who systematically and purposefully do the best they can to achieve their objectives. | |
| 40584326 | Marginal changes | small incremental adjustments to a plan of action. | |
| 40584327 | Incentives | something that induces a person to act. | |
| 40584328 | Market Economy | an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services. | |
| 40584329 | Property rights | the ability of an individual to own and exercise control over scarce resources. | |
| 40584330 | Market failure | a situation in which a market left on its own fails to allocate resources efficiently. | |
| 40584331 | Externality | the impact of one person's actions on the well being of a bystander. | |
| 40584332 | Market power | the ability of a single economic actor (or small group of actors) to have a substantial influence on market price. | |
| 40584333 | Productivity | the quantity of goods and services produced from each hour of a worker's time. | |
| 40584334 | Inflation | an increase in the overall level of prices in the economy. | |
| 40584335 | Business cycle | fluctuations in economic activity, such as employment and production. |
