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Nelson EducationHigher EducationPrinciples of Microeconomics, Fourth Canadian EditionStudent Resources | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chapter 1. Ten Principles of Economics
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Bbusiness cyclefluctuations in economic activity such as employment and production
Eeconomicsthe 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 externality the uncompensated impact of one person?s actions on the well-being of a bystander
Iinflationan increase in the overall level of prices in the economy
Mmarginal changessmall 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 market power the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices
Oopportunity costwhatever must be given up to obtain some item
PPhillips curvea curve that shows the short-run tradeoff between inflation and unemployment productivity the quantity of goods and services produced from each hour of a worker's time
Sscarcitythe limited nature of society's resources
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