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| fluctuations in economy activity; such as employment and production |
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| the study of how society manages its scarce resources |
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| the property of society getting the most it can from it's scarce resources |
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| the property of distributing economic prosperity uniformly among the members of society |
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| the uncompensated impact of one person's actions on the well being of a bystander |
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| something that induces a person to act |
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| an increase in overall level of prices in the economy |
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| small incremental adjustments to a plan of action |
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| 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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| a situations in which a market left on it's own fails to allocate resources efficiently |
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| the ability of a single economic actor(or small group of actors to have)a substantial influence on market prices. |
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| whatever may be given up to obtain some item |
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| the quantity of goods and services produced from each unit of labor input. |
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| the ability of an individual to own and exercise control over scarce resources |
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| people who systematically and purposefully do the best they can to achieve their objectives |
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| the limited nature of society's resources |
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