Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
EC0N0MICS
Mankiw, Principals of Economics
| Question | Answer |
|---|---|
| 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
Popular Miscellaneous sets