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6 Cards in this Set

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