Micro Econ Chapter 1

the limited nature of society's resources

the study of how society manages it's scarce resources

the property of society getting the most it can from it's scarce resources

the property of distributing economic prosperity uniformly among the members of society

whatever must be given up to obtain some item

people who systematically and purposefully do the best they can to achieve their objective

small incremental adjustiment to a plan of action

something that induces a person to act

an economy that allocates resources throught the decetnralized decisions of many firms and households as they interact in markets for good and services

the ability of an individual to won and exercise control over scarce resources

a situation in which a market left on its own fails to allocate resources efficiently

the impact of one person's actions on the well-being of a bystander

the ability of a single economic actor to have a substantial influence on market prices

the quantity of good and services produced form each unit of labor impact

an increase in the overall level of prices in the economy

fluctuations in economic activity, such as employment and production.