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Definition
| The limited nature of society's resources |
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Definition
| The study of how society manages its scare resources |
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Definition
| The property of society getting the most it can from its scarce resources |
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Definition
| The property of distributing economic prospertity uniformly among members of society. |
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Definition
| Whatever must be given up to obtain some item |
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Definition
| People who systematically and purposefully do the best they can to achieve their objective. |
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Definition
| A small incremental adjustment to a plan of action |
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Definition
| Something that induces a person to act |
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Definition
| An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services |
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Definition
| The ability of an individual to own and exercise control over scarce resources |
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Definition
| A situation in which a market left on its own fails to allocate resources efficiently. |
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Definition
| The impact of one person's actions on the well-being of a bystander. |
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Definition
| The ability of a single economics actor(or small group of actors)to have a substantial influence on market prices. |
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Term
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Definition
The quantity of goods and services
produced from each unit of labor input. |
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Term
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Definition
| An increase in the overall level of prices in the economy |
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Term
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Definition
Fluctuations in the economic growth activity,
such as employment and production |
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