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ECON 2113
Chapter 1
16
Economics
Undergraduate 2
01/12/2016

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Term
business cycle
Definition
fluctuations in economy activity; such as employment and production
Term
economics
Definition
the study of how society manages its scarce resources
Term
efficiency
Definition
the property of society getting the most it can from it's scarce resources
Term
equality
Definition
the property of distributing economic prosperity uniformly among the members of society
Term
externality
Definition
the uncompensated impact of one person's actions on the well being of a bystander
Term
incentive
Definition
something that induces a person to act
Term
inflation
Definition
an increase in overall level of prices in the economy
Term
marginal changes
Definition
small incremental adjustments to a plan of action
Term
market economy
Definition
an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
Term
market failure
Definition
a situations in which a market left on it's own fails to allocate resources efficiently
Term
market power
Definition
the ability of a single economic actor(or small group of actors to have)a substantial influence on market prices.
Term
opportunity cost
Definition
whatever may be given up to obtain some item
Term
productivity
Definition
the quantity of goods and services produced from each unit of labor input.
Term
property rights
Definition
the ability of an individual to own and exercise control over scarce resources
Term
rational people
Definition
people who systematically and purposefully do the best they can to achieve their objectives
Term
scarcity
Definition
the limited nature of society's resources
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