Term
| Economics is the study of? |
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Definition
| how society manages its scarce resources. |
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Term
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Definition
| the limited nature of society's resources |
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Definition
| whatever must be given up to obtain some item |
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Definition
| small incremental adjustments to a plan of action. |
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Term
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Definition
| The decisions of a central planner are replaced by the decisions of millions of firms and households. |
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Definition
| refers to a situation in which the market on its own fails to produce an efficient allocation of resources. |
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Definition
| the amount of goods and services produced from each hour of a worker's time. |
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Term
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Definition
| an increase in the overall level of prices in the economy |
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Term
| factors that shift the supply curve? |
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Definition
| prices,technology,expectations, number of sellers |
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Term
| factors that shift demand curve |
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Definition
| consumer income, prices of related of goods,tastes,expectations, number of buyers |
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