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Chapter 1-6
exam #1
6
Economics
Undergraduate 1
04/06/2014
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Term
Scarcity
 Definition
The limited nature of society's resources
Term
Economics
 Definition
The study of how society manages its scarce resources
Term
Efficiency
 Definition
The property of society getting the most it can form its scarce resources
Term
Equality
 Definition
The property of distributing economic prosperity uniformly among the members of society
Term
Opportunity Cost
 Definition
What ever must be given up to obtain some item
Term
Rational people
 Definition
The people who systematically and purposefully do the best they can to achieve their objectives
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