Details

Title: Ch. 1 Test I Vocab

Description: Vocab

Total Flash Cards: 13

Created: 05/18/2005 20:36:36

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Additional Economics Flashcards

Cards in this set:

Term
Inflation
 Definition
Increase in overall level of price
Term
Market Failure
 Definition
When the market does not allocate resources efficiently
Term
Externality
 Definition
Impact of an action on a bystander
Term
Scarcity
 Definition
Limited resources, Unlimited Wants
Term
Invisible Hand
 Definition
Self-interested market participants unknowingly maximize society's welfare
Term
Market Economy
 Definition
Household and firms determine the allocation of resources
Term
Market Power
 Definition
Ability to substantially influence market price
Term
Efficiency
 Definition
Getting the most from scarce resources
Term
Economics
 Definition
Study of how society manages its scarce resources
Term
Productivity
 Definition
Amount of goods and services produced per hour by a worker
Term
Opportunity Cost
 Definition
Whatever is given up to get something else
Term
Marginal Changes
 Definition
Incremental adjustments
Term
Equality
 Definition
Distributing output "fairly" among society's members