the limited nature of society's resources.
the study of how society manages its scarce resources.
the property of society getting the most it can from its scarce resources.
the property of distribution economic prosperity fairly among the members of society.
whatever must be given up to obtain some item.
people who systematically and purposefully do the best they can to achieve their objectives.
small incremental adjustments to a plan of action.
something that induces a person to act.
an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services.
the ability of an individual to own and exercise control over scarce resources.
a situation in which a market left on its own fails to allocate resources efficiently.
the impact of one person's actions on the well being of a bystander.
the ability of a single economic actor (or small group of actors) to have a substantial influence on market price.
the quantity of goods and services produced from each hour of a worker's time.
an increase in the overall level of prices in the economy.
fluctuations in economic activity, such as employment and production.