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EC0N0MICS

Mankiw, Principals of Economics

QuestionAnswer
business cycle fluctuations in economic activity, such as employment and production
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 prosperity uniformly among the members of society
externality the impact of one person’s actions on the well-being of a bystander
incentive something that induces a person to act
inflation an increase in the overall level of prices in the economy
marginal changes small incremental adjustments to a plan of action
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
market failure a situation in which a market left on its own fails to allocate resources efficiently
market power the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices
opportunity cost whatever must be given up to obtain some item
productivity the quantity of goods and services produced from each unit of labor input
property rights the ability of an individual to own and exercise control over scarce resources
rational people people who systematically and purposefully do the best they can to achieve their objectives
scarcity the limited nature of society’s resources
Created by: @ng3l
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