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Microeconomics - A

Principles of microeconomics - International Relations (business)

scarcity The limited nature of a society's resources
economics The study of how society manages its scarce resources
efficiency The property of society getting the most it can from its scarce resources
equity The property of distributing economic prosperity fairly among the members of society
opportunity cost Whatever must be given up to obtain some item. Eg. sportspeople deciding to play-for-pay rather than completing their schooling
marginal changes Small incremental changes to a plan of action
What is an economy? An economy is comprised of people and their interactions as they go about their daily lives. The behaviour of these people will determine the nature and behaviour of the economy. An economist is someone who studies this pattern.
Created by: Jann