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Microeconomics

terms

TermDefinition
scarcity the limited nature of 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
equality the property of distributing economic property uniformly among the members of society
opportunity cost whatever must be given up to obtain some item
rational people people who systematically and purposefully do the best they can to achieve their objectives
marginal change a small incremental adjustment to a plan of action
incentive something that induces a person to act
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
property rights the ability of an individual to own and exercise control over scarce resources
market failure a situation in which a market left on its own fails to allocate resources efficiently
externality the impact of one person's actions on the well-being of a bystander
market power the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices
productivity the quantity of goods and services produced from each unit of labor input
inflation an increase in the overall level of prices in the economy
business cycle fluctuations in economic activity, such as employment and production
production possibilities frontier a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology
microeconomics the study of how households and firms make decisions and how they interact in markets
macroeconomics the study of economywide phenomena, including inflation, unemployment, and economic growth
positive statements claims that attempt to describe the world as it is
normative statements claims that attempt to prescribe how the world should be
Created by: 100005693500147
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