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Microecon

Introduction vocab

TermDefinition
Economy system for coordinating society's productive activities
Economics social science that studies the production, distribution, and consumption of goods and services
Market economy economy in which decisions about production and consumption are made by individual producers and consumers
Invisible hand refers to the way in which the individual pursuit of self-interest can lead to good results for society as a whole
Microeconomics branch of economics that studies how people make decisions and how these decisions interact
Market failure occurs when the individual pursuit of self-interest leads to bad results for society as a whole
Recession downturn in the economy
Macroeconomics branch of economics that is concerned with overall ups and downs in the economy
Economic growth growing ability of the economy to produce goods and services
Command economy economy in which there is a central authority making decisions about production and consumption
Created by: David55900
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