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Microeconomics Exam 1 Chapters 1-6/55 Q’s and A’s
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Microeconomics Exam 1 Chapters 1-6/55 Q’s and A’s
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Microeconomics Exam 1 Chapters1-6/55 Q’s and A’s
scarcity - -society has limited resources and therefore cannot produce all the
goods and services people wish to have
-economics - -study of how society manages its scarce resources
-efficiency - -property of society getting the most it can from its scarce
resources
-equality - -property of distributing economic prosperity uniformly among
the members of society
-opportunity cost - -whatever must be given up to obtain some item
-rational people - -people who systematically and purposefully do the best
they can to achieve their objectives
-marginal change - -small incremental adjustment to a plan of action
-incentive - -something that induces a person to act
-market economy - -economy that allocates resources through the
decentralized decisions of many firms and households as they interact in
markets for goods and services
-property rights - -the ability of an individual to own and exercise control
over scarce resources
-market failure - -situation in which a market left on its own fails to allocate
resources efficiently
-externality - -impact of one person's actions on the well-being of a
bystander
-market power - -ability of a single economic actor (or small group of actors)
to have a substantial influence on market prices
-productivity - -quantity of goods and services produced from each unit of
labor input
-inflation - -increase in the overall level of prices in the economy
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