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Econ vocabulary

TermDefinition
Efficiency Most productive use of a resource.
Equity Fair distribution of prosperity among society's members.
Tradeoff More equity (the redistribution of income from well off to the poor) can reduce efficiency.
Opportunity Cost Whatever must be given up to obtain it (or value of the next best alternative). Example. Cost of School upfront vs. increase in wages.
Marginal Small incremental adjustments (or 1 unit of change). Ex.ample.How will an additional year of college effect my earnings?
Incentive Something that includes a person to act, i.e. The prospect of reward or punishment.
Market Group of buyers
Market economy Decisions made from interactions of many households/firms.
Stock market Invisible hand at work...interaction where buyers & sellers determine quantity.
Price VALUE to buyers + COST to Sellers = PRICE
Command economy Centeral planner/government sets prices/quantities (Cuba).
Government role in market 1.Provide security to encourage work, production, investment. 2.Promote efficiency 3.Market Power, ensures no monopoly.
Extra-normality Good production = harmful effect (pollution)
Productivity The amount of goods & services produced per unit of labor. *Most important determining factor of living standards* *Productivity depends on equipment, skills & tech.
Inflation Increase in price level. Caused by excessive growth. The faster the government prints money, the higher the inflation rate.
No Free Lunch Always trade offs!
Created by: FatherofPug