Term
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Definition
| Increase in overall level of price |
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Term
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Definition
| When the market does not allocate resources efficiently |
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Term
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Definition
| Impact of an action on a bystander |
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Term
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Definition
| Limited resources, Unlimited Wants |
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Term
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Definition
| Self-interested market participants unknowingly maximize society's welfare |
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Term
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Definition
| Household and firms determine the allocation of resources |
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Term
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Definition
| Ability to substantially influence market price |
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Term
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Definition
| Getting the most from scarce resources |
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Term
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Definition
| Study of how society manages its scarce resources |
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Term
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Definition
| Amount of goods and services produced per hour by a worker |
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Term
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Definition
| Whatever is given up to get something else |
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Term
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Definition
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Term
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Definition
| Distributing output "fairly" among society's members |
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