AP Flashcards
Terms : Hide Images [1]
| 6347022769 | Efficiency | Economic resources are being used to produce the max amount of goods. | 0 | |
| 6347033720 | Externality | Side effect of a transaction that affects someone other than the producer or buyer (positive or negative) | 1 | |
| 6347048354 | Laissez Faire | A policy or attitude of letting things take their own course without interfering | 2 | |
| 6347058165 | Macroeconomics | Concerned with large scale of general economic factor. Deals with performance, structure, and behavior. | 3 | |
| 6347114058 | Marginal Benefit | The additional benefit arising from a unit increasing in a particular activity. | 4 | |
| 6347256729 | Marginal Cost | The cost adding by producing one additional unit at a product or service. | 5 | |
| 6347261499 | Microeconomic | The part of economics concerned with single factors and the effects of individual decisions. | 6 |