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| the study of how society manages its scarce resources. |
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| Limited nature of society's resources( a society has limited resources and cannot produce all goods and services people wish to have. |
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| whatever must be given up to obtain something. |
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| the property of society getting the most it can from scarce resources. |
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| property of distribution economic prosperity uniformly among the members of society. |
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| ppl who systematically and purposefully do the best they can to achieve their objectives. |
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| small incramental adjustments to a plan of action |
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| something that induces a person to act. |
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| an economy thaqt allocates resources thru the decentralized decisions of many firms and households as they interact in markets for goods or services. |
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| the ability of an individual to own and exercise control over scarce resources. |
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| a situation in which a market left on its own fails to allocate resources efficiently. |
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| the impact of one person's actions on the of a bystander. |
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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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| the quantity of goods and services produced from each unit of labor. |
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| an increase in the overall level of prices in the economy. |
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| flucuations in economic activity, such as employment and production. |
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| claims that attempt to describe the world as "it is". |
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| a visual model of the economy that shows how dollars floe thru the markets among households and firms. |
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| study of how households & firms make decisions and how they interact in markets. |
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| study of the economy-wide phenomena, including inflation, unemployment, and economic growth. |
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| claims that attempt to describe how the world "should be". |
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| own factor of production. |
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| buy or hire factor of production |
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| the ability to produce a good using fewer imports than another producer |
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| exists for the producer who has a lower opportunity cost. |
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| the producer can produce MORE w/ a given level of resources. |
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| a grp of buyers and sellers of a particular good or service. |
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| a market in which there are many buyers and sellers so that each has a negligable impact on the market price. |
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| the amt of a good that buyers are willing and able to make a purchase. |
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| the claim that, other things equal, the quantity demanded of a good falls when the price of that good rises. |
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| a good for which other things equal, an increase in income leads to an increase in demand. |
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| a good 4 which things equal, an increase in income leads to a dec. in demand. |
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| price that balances quantity supplied and quantity demanded. |
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| a measure of responsiveness of quantity demanded or quantity supplied to one of its determinants. |
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| amount paid by buyers and received by sellers of a good.=(price of good X the quantity sold) |
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