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| 7069304856 | Economics | the study of how society manages its scarce resources; the study of how people make decisions | 0 | |
| 7069323193 | Efficiency | the property of society getting the most it can from its scarce resources; the use of resources in such a way as to maximize the output of goods and services | 1 | |
| 7069325476 | Equity | distributing prosperity fairly among the members of society | 2 | |
| 7069331346 | Opportunity Cost | whatever must be given up to obtain some item; the value of the next best alternative that must be forgone as a result of a decision | 3 | |
| 7069337202 | Rational People | people who systematically and purposefully do the best they can to achieve their objectives; doing something by logic not on impulse | 4 | |
| 7069347115 | Marginal Changes | small incremental adjustments to a plan of action | 5 | |
| 7069349118 | Incentive | something that induces a person to act; a reason for doing something; something that stimulates action | 6 | |
| 7069379851 | Market Economy | an economy that allocates resources through the decentralized decisions of many first and households as they interact in markets for goods and services; an economic system in which people choose freely what to buy and sell | 7 | |
| 7069438297 | Property Rights | the ability of an individual to own and exercise control over scarce resources | 8 | |
| 7069442003 | Market Failure | a situation in which a market left on its own fails to allocate resources efficiently | 9 | |
| 7069444704 | Externality | the impact of one person's actions on the well-being of a bystander; economic side effect that affects an uninvolved third party | 10 | |
| 7069448171 | Market Power | the ability of a single economic actor to have a substantial influence on market prices | 11 | |
| 7069449344 | Productivity | the quantity of goods and services produced from each unit of labor input | 12 | |
| 7069452105 | Inflation | A general increase in prices across an economy | 13 | |
| 7069453256 | Business Cycle | Fluctuations in economic activity, such as employment and production | 14 | |
| 7069456737 | Scarcity | the limited nature of society's resources | 15 | |
| 7228089079 | Economic System | The method used by a society to produce and distribute goods and services | 16 | |
| 7228090489 | Command Economy | An economic system in which the government makes all economic decisions. | 17 |
