Econ unit 1 Vocab

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  1. The property of distributing economic prosperity
    uniformly among society’s members
  2. A situation in which the market fails to allocateresources efficiently
  3. Limited resources and unlimited wants
  4. The amount of goods and services produced from
    each unit of labor input
  5. The case in which there is only one seller in the
  6. The principle that self-interested market
    participants may unknowingly maximize the
    welfare of society as a whole
  7. The property of society getting the most from its
    scarce resources
  8. An economic system where interaction of
    households and firms in markets determines the
    allocation of resources
  9. Fluctuations in economic activity
  10. When one person’s actions have an impact on a
  11. An increase in the overall level of prices
  12. An incremental adjustment to an existing plan
  13. Study of how society manages its scarce resources
  14. Whatever is given up to get something else
  15. The ability of an individual or group to
    substantially influence market prices
  16. Something that induces a person to act
  17. The ability of an individual to own and exercise
    control over scarce resources
  18. Systematically and purposefully doing the best you
    can to achieve your objectives
  19. Inputs such as land, labor, and capital
  20. The study of economy-wide phenomena
  21. Objective development and testing of
  22. Whatever is given up to get something
  23. Prescription for how the world ought to
  24. Getting maximum output from the
    resources available
  25. Descriptions of the world as it is
  26. Simplifi cations of reality based on
  27. A graph that shows the combinations of
    output the economy can possibly produce
    given the available factors of production
    and the available production technology
  28. The study of how households and fi rmsmake decisions and how they interact inmarkets
  29. A diagram of the economy that shows
    the fl ow of goods and services, factors
    of production, and monetary payments
    between households and fi rms
  30. Whatever is given up to obtain some item
  31. The ability to produce a good at a lower
    opportunity cost than another producer
  32. Goods produced domestically and sold abroad
  33. Goods produced abroad and sold domestically
  34. The ability to produce a good using fewer
    inputs than another producer
  35. The increase in total production due to
    specialization allowed by trade
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Econ unit 1 Vocab
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