Economics

Front

A small incremental adjustment to a plan of action.

Back

Marginal Change

Front

An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services.

Back

Market Economy

Front

People who systematically and purposefully do the best they can to achieve their objectives.

Back

Rational People

Front

Fluctuations in the economic activity such as employment and production.

Back

Business Cycle

Front

The quantity of goods and service produced from each labor input.

Back

Productivity

Front

The study of how society manages its scarce resources.

Back

Economics

Front

An increase in the overall level of prices in the economy.

Back

inflation

Front

The cost of something is what you give up to get it.

Back

Opportunity Cost

Front

The limited nature of societies resources is called...

Back

Scarcity

Front

Something that induces a person to act

Back

Incentive