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Definition
| limited nature of society's resources |
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Definition
| study of how society manages resources |
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| society getting the most from scarce resources |
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| distributing prosperity uniformly among society |
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| whatever must be given up to obtain an item |
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| those who systematically and purposefully do their best to achieve objectives |
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Definition
| small incremental adjustments to a plan of action |
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Term
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| something that induces a person to act |
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| allocates resources through decentralized decisions of many firms and households as they interact in markets for goods and services |
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| ability to produce a good using fewer inputs than a competitor |
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Definition
| ability to produce a good at a lower opportunity cost than another producer |
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Definition
| produced abroad, sold domestically |
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| produced domestically, sold abroad |
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Definition
| increase in overall level of prices in the economy. |
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Definition
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Definition
| fluctuation in economic activities such as employment and production |
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| ability of individual to own and control scarce resources |
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Term
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Definition
| when the independent market can't allocate resources efficiently |
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Term
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Definition
| externality (impact of one person's actions on bystander [pollution]), market power - single group/unit has disproportionate influence on market prices |
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Definition
| the production of goods and services. has direct effect on standard of living |
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Definition
| removes tariffs and other barriers to international trade |
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Term
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Definition
| economist. 1772-1823. Showed that trade is always beneficial to countries through comparative advantage throy. |
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Term
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Definition
| Consumer Spending + investment + government spending + net exports. CIGNX |
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