| Term | Definition |
|---|
| macroeconomics | study of the behavior and decision making of entire economics |
| microeconomics | study of economic behavior and decision making of small units, such as individuals, families, and businesses |
| gross domestic product (GDP) | total value of all goods and services produced in a particular economy |
| market failure | a situation in which the market does not distribute resources efficiently |
| externality | an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume |
| poverty threshold | an income level below that which is needed to support families or households |
| welfare | government aid to the poor |
Combine with other sets
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