EC201 (MicroEcon) Chapter 1-5

Created by ernesthearn 

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scarcity

The limited nature of society's resources.

economics

The study of how society manages its scarce resources.

efficiency

The property of society getting the most it can from its scarce resources.

equality

The 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 changes

Small incremental adjustments to a plan of action.

incentive

Something that induces a person to act.

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