Micro

the study of how society manages its scarce resources

the limited nature of society's resources

the property of society getting the most it can from its scarce resources

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

whatever must be given ip to obtain some item

people who systematically and purposefully do the best they can to acheive their objectives

small incremental adjustments to a plan of action

something that induces a person to act

an economy that allocates resouces through the decntralized decisions of many firms and households as they interact in markets for good and services

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

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

the impact of one person's actions on the wellbeing of a bystander

the ability of a singe economic actor (or small group of actors) to have a substantial influence on market prices

the quantity of goods and services produced from each unit of labor input

an increase in the overall level of prices in the ecomony

fluctuations in economic activity, such as employment and production

a visual model of the economy that shows how dollars flow through markets among households and firms

the study of how households and firms make decisions and how they interact in markets

the study of economy-wide phenomena, including inflation, unemployment, and economic growth

a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology.

claims that attempt to describe the world as it is

claims that attempt to prescribe how the would shoud be

the ability to produce a good using fewer inputs than another producer

the ability to produce a good at a lower opportunity cost (whatever given up) than another producer

goods produced abroad and sold domestically

goods produced domestically and sold abroad