terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| scarcity | show 🗑
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| show | the study of how society manages its scarce resources
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| efficiency | show 🗑
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| show | the property of distributing economic property uniformly among the members of society
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| opportunity cost | show 🗑
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| rational people | show 🗑
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| marginal change | show 🗑
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| show | something that induces a person to act
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| show | an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
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| show | the ability of an individual to own and exercise control over scarce resources
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| show | a situation in which a market left on its own fails to allocate resources efficiently
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| show | the impact of one person's actions on the well-being of a bystander
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| market power | show 🗑
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| productivity | show 🗑
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| inflation | show 🗑
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| business cycle | show 🗑
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| production possibilities frontier | show 🗑
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| microeconomics | show 🗑
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| macroeconomics | show 🗑
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| show | claims that attempt to describe the world as it is
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| show | claims that attempt to prescribe how the world should be
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