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12 Cards in this Set

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  • Back
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.
Marginal Changes
Small incremental adjustments to a plan of action.
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.
Market Failure
A situation in which a market left on its own fails to allocate resources efficiently
Externality
The impact of one person's actions on the well-being of a bystander.
Market Power
The ability of a single economic actor(or small group of actors) to have a substantial influence on market prices.
Productivity
The quantity of goods and services produced from each hour of a worker's time
Inflation
An increase in the overall level of prices in the economy.
Phillips curve
A curve that shows the short-run tradeoff between inflation and unemployment.
Business cycle
Fluctuations in economic activity, such as employment and production.