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| too few resources to meet all human wants |
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| incrementally, the cutoff point, deciding on one more or one less of something |
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individual part, chocies of individuals/firms/industries
revolves around interaction in markets |
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| make possible the voluntary exchange of resources, goods, and servies |
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| guide allocation of resources |
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gross domestic product (GDP), analysis of economic aggregates |
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| total values that describe the economy as a whole |
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| measures the market value of a country's aggregate output |
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| getting the greatest quantity of output from resources that are being used |
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| choosing the most valuable mix of outputs to produce |
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idea that self-interest and competition promote economic efficiency without any need for action by government
leads the economy got produce an efficient variety of goods and services |
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Definition
| allocates resources in a market economy to their highest-valued uses |
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