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CHAPTER 1
Scarcity
: the limited nature of society鈥檚 resources.
Economics
: the study of how society manages its scarce resources.
Efficiency
: the property of society getting the most it can from its scarce resources.
Equity
: the property of distributing economic prosperity fairly among the members of society.
Opportunity cost
: whatever must be given up to obtain some item.
Marginal changes
: small incremental adjustments to a plan of action.
Market economy
: an economy that allocates resources through the decentralized decisions of
many firms and households as they interact in markets for goods and services.
Market failure
: a situation in which a market left on its own fails to allocate resources efficiently.
Externality
: the impact of one person鈥檚 actions on the well
-being of a bystander.
Market
power
:
the
ability
of
a
single
economic
actor
(or
small
group
of
actors)
to
have
a
substantial influence on market prices.