Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
12 Cards in this Set
- Front
- 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.
|
