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Definition
| the limited nature of society's resources |
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| the study of how society deals with its scare resources |
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| the property of society getting the most it can from its scarce resources |
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| the property of distributing economic prosperity fairly among the member of society |
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| Whatever must be given up to obtain some item |
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| people who systematically do the best they can to achieve their objectives |
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Definition
| small incremental adjustments 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 individual to own and exercise control over scarce material |
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Definition
| the situation where a market left on its own fails |
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Definition
| the impact of one beings actions on the well being of a bystander |
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Definition
| the ability of a single economic actor to have a substantial impact on market prices |
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Definition
| the quantity of goods and services produced from one hour of work |
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Definition
| an increase in the overall prices in an economy |
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Term
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Definition
| an increase in the overall prices in an economy |
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Term
| production possibilities frontier |
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Definition
| a graph that shows the output that an economy can possibly produce given the available factors of production technology |
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Term
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Definition
| the study of economy wide phenomena including inflation, unemployment, and economic growth |
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Definition
| the ability to produce a good using fewer inputs |
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Definition
| the ability to produce a good at a lower oppurtunity cost than another producer |
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Term
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Definition
| goods produced abroad and sold domestically |
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Term
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Definition
| goods produced domestically and sold abroad |
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Term
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Definition
| a group of buyers and sellers of a particular good or service |
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Definition
| a market in which there are many buyers and many sellers so that each has a negligible impact on the market price |
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Definition
| the amount that buyers are willing and able to purchase |
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Term
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Definition
| the claim that other things equal the quantity demanded of a good falls when the price of the good rises |
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Term
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Definition
| a table which shows the relationship between the price of a good and the quantity demanded |
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Term
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Definition
| a graph of the relationship between the price of the good and the amount of the good demanded |
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Term
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Definition
| two goods for which an increase in the price of one leads to an increase in the demand for the other |
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Term
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Definition
| two goods in which an increase in the price of one leads to an decrease in the demand of the other |
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Term
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Definition
| the claim that, other things equal, the quantity supplied rises when the price of the good rises |
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Term
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Definition
| a situation in which the market price has reached the level at which quantity supplied equals quantity demanded |
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Term
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Definition
| a situaiton in which quantity supplied is greater than quantity demanded |
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Term
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Definition
| a situation in which quantity demanded is greater than quantity supplied |
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Term
| the law of supply and demand |
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Definition
| the claim that the price of a good adjusts to bring the quantity supplied and quantity demanded for that good in balance |
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Term
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Definition
| the total number of workers including both the employed and unemployed |
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Term
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Definition
| the percentage of labor force that is unemplyed |
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Term
| labor force participation rate |
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Definition
| the percentage in adult population that is in the labor force |
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Term
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Definition
| unemployment that results because it takes time for workers to take time to search for the jobs that best suit their skills and needs |
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Definition
| unemployment that results because of the number of jobs available in some labor markets is insufficient to provide a job for everyone who wants one |
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Term
| gross domestic product (GDP) |
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Definition
| The market value of all the final goods and services within a country during a certain period in time |
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Term
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Definition
| spendings by households on goods and services, with the exception of purchasing of new houses |
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Definition
| Government Expenditure+Consumption+investments+exports-imports |
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