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;
16 Cards in this Set
- Front
- Back
|
SCARCITY
|
Limited nature of societies resources.
|
|
|
ECONOMICS
|
Study of how society manages scarce resources.
|
|
|
EFFICIENCY
|
The property of society getting the most that it can from scarce resources.
|
|
|
EQUITY
|
The property of distributing economic property FAIRLY among members of society.
|
|
|
OPPORTUNITY COST
|
Whatever must be given in order to obtain some item.
|
|
|
RATIONAL PEOPLE
|
People who systematically and purposefully do what they can to achieve their goals.
|
|
|
MARGINAL CHANGES
|
Small incremental changes to a plan of action.
|
|
|
INCENTIVE
|
Something that induces a person to act.
|
|
|
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.
|
|
|
PROPERTY RIGHTS
|
The ability of an individual to own and exercise control over scarce resources.
|
|
|
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 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.
|
|
|
BUSINESS CYCLE
|
Fluctuations in economic activity, such as employment and productions.
|
