EC201 (MicroEcon) Chapter 1-5

8 terms by ernesthearn

Create a new folder

Advertisement Upgrade to remove ads


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 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.


Something that induces a person to act.

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again


Reload the page to try again!


Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set