Details

Title: Chapter 1-5

Description: terms

Total Flash Cards: 13

Created: 10/29/2007 16:15:11

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Additional Economics Flashcards

Cards in this set:

Term
Scarcity
 Definition
too few resources to meet all human wants
Term
Margin
 Definition
incrementally, the cutoff point, deciding on one more or one less of something
Term
Microeconomics
 Definition
individual part, chocies of individuals/firms/industries

revolves around interaction in markets
Term
Markets
 Definition
make possible the voluntary exchange of resources, goods, and servies
Term
Market prices
 Definition
guide allocation of resources
Term
Macroeconomics
 Definition

gross domestic product (GDP), analysis of economic aggregates
Term
"Aggregates"
 Definition
total values that describe the economy as a whole
Term
Gross Domestic Product
 Definition
measures the market value of a country's aggregate output
Term
Technological efficiency
 Definition
getting the greatest quantity of output from resources that are being used
Term
Allocative efficiency
 Definition
choosing the most valuable mix of outputs to produce
Term
Invisible hand
 Definition
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
Term
Price System
 Definition
allocates resources in a market economy to their highest-valued uses
Term
 Definition