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Definition
| The limited nature of society's resources |
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Definition
| The study of how society manages its scarce 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 prosperity uniformly among the 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 objectives |
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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 the interact in markets fir 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 economic actor(or small group of actors)to have a substantial influence on market prices |
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Definition
| The quantity of goods and services produced from each unit of labor input |
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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 economic activity, such as employment and production |
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