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6 Cards in this Set
- Front
- Back
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Economics
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the study of how society
manages its scarce resources |
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efficiency
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the property of society
getting the most it can from its scarce resources |
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equity
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the property of distributing
economic prosperity fairly among the members of society |
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opportunity cost
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whatever must be given
up to obtain some item |
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rational people
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people who systematically
and purposefully do the best they can to achieve their objectives |
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marginal changes
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small incremental
adjustments to a plan of action |
