Mankiw, Principals of Economics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| business cycle | fluctuations in economic activity, such as employment and production
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| economics | the study of how society manages its scarce resources
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| efficiency | the property of society getting the most it can from its scarce resources
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| equality | the property of distributing economic prosperity uniformly among the members of society
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| externality | the impact of one person’s actions on the well-being of a bystander
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| incentive | something that induces a person to act
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| inflation | an increase in the overall level of prices in the economy
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| marginal changes | small incremental adjustments to a plan of action
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| market economy | 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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| market failure | a situation in which a market left on its own fails to allocate resources efficiently
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| market power | the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices
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| opportunity cost | whatever must be given up to obtain some item
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| productivity | the quantity of goods and services produced from each unit of labor input
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| property rights | the ability of an individual to own and exercise control over scarce resources
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| rational people | people who systematically and purposefully do the best they can to achieve their objectives
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| scarcity | the limited nature of society’s resources
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