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Chapter 01
Brief Principles of Macroeconomics Vocabulary
16
Economics
Undergraduate 2
01/20/2013

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Term
Scarcity
Definition
The limited nature of society's resources
Term
Economics
Definition
The study of how society manages its scare resources
Term
Efficiency
Definition
The property of society getting the most it can from its scarce resources
Term
Equality
Definition
The property of distributing economic prospertity uniformly among members of society.
Term
Oppertunity Cost
Definition
Whatever must be given up to obtain some item
Term
Rational People
Definition
People who systematically and purposefully do the best they can to achieve their objective.
Term
Marginal Cost
Definition
A small incremental adjustment to a plan of action
Term
Incentive
Definition
Something that induces a person to act
Term
Market Economy
Definition
An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
Term
Property Rights
Definition
The ability of an individual to own and exercise control over scarce resources
Term
Market Failure
Definition
A situation in which a market left on its own fails to allocate resources efficiently.
Term
Externality
Definition
The impact of one person's actions on the well-being of a bystander.
Term
Market Power
Definition
The ability of a single economics actor(or small group of actors)to have a substantial influence on market prices.
Term
Productivity
Definition

The quantity of goods and services

produced from each unit of labor input.

Term
Inflation
Definition
An increase in the overall level of prices in the economy
Term
Business Cycle
Definition

Fluctuations in the economic growth activity,

such as employment and production

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