Karteikarten
Ten Principles of Economics
Karten in diesem Stapel (25)
- 1ScarcityThe limited nature of society's resources
- 2EconomicsThe study of how society manages its scarce resources
- 3EfficiencyThe property of society getting the most it can from its scarce resources
- 4EqualityThe property of distributing economic prosperity uniformly among the members of society
- 5Opportunity CostWhatever must be given up to obtain some item
- 6Rational PeoplePeople who systematically and purposefully do the best they can to achieve their objective
- 7Marginal ChangeA small incremental adjustment to a plan of action
- 8IncentiveSomething that induces a person to act
- 9Market EconomyAn economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
- 10Property RightsThe ability of an individual to own and exercise control over scarce resources
- 11Market FailureA situation in which a market left on its own fails to allocate resources efficiently
- 12ExternalityThe impact of one person's actions on the well-being of a bystander
- 13Market PowerThe ability for a single economic actor to have a substantial influence on market prices
- 14ProductivityThe quantity of goods and services produced from each unit of labor input
- 15InflationAn increase in the overall level of prices in the economy
- 161st Principle of MicroeconomicsPeople Face Trade-offs
- 172nd Principle of MicroeconomicsThe Cost Of Something Is What You Give Up To Get It
- 183rd Principle of MicroeconomicsRational People Think At The Margin
- 194th Principle of MicroeconomicsPeople Respond To Incentives
- 205th Principle of MicroeconomicsTrade Can Make Everyone Better Off
- 216th Principle of MicroeconomicsMarkets Are Usually A Good Way To Organize Economic Activity
- 227th Principle of MicroeconomicsGovernments Can Sometimes Improve Market Outcomes
- 238th Principle of MicroeconomicsA Country's Standard Of Living Depends On Its Ability To Produce Goods and Services
- 249th Principle of MicroeconomicsPrices Rise When The Government Prints Too Much Money
- 2510th Principle of MicroeconomicsSociety Faces A Short-Run Trade-off Between Inflation And Unemployment
Informationen
- Beschreibung
- Vocabulary and the 10 Principles of Microeconomics
- Erstellt von
- Nandana Kulasekhar · Sep 2019
- Aktualisiert
- 13 Sep 2019
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- 14
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