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Details Title: Economics Description: ch 1,2,3 Total Flash Cards: 10 Created: 09/11/2007 18:29:36	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Economics is the study of? Definition how society manages its scarce resources. Term scarcity Definition the limited nature of society's resources Term opportunity cost Definition whatever must be given up to obtain some item Term marginal changes Definition small incremental adjustments to a plan of action. Term market economy Definition The decisions of a central planner are replaced by the decisions of millions of firms and households. Term market failure Definition refers to a situation in which the market on its own fails to produce an efficient allocation of resources. Term productivity Definition the amount of goods and services produced from each hour of a worker's time. Term inflation Definition an increase in the overall level of prices in the economy Term factors that shift the supply curve? Definition prices,technology,expectations, number of sellers Term factors that shift demand curve Definition consumer income, prices of related of goods,tastes,expectations, number of buyers