Scarcity the limited nature of society’s 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
seattleOpportunity 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
去新疆旅游Market failure a s/tuition in which a market left on its own fails to allocate resources efficiently Externality the impact of one person’s 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
Productivity the quantity of goods and services produced from each hour of a worker’s time
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Inflation an increase in the overall level of prices in the economy Philips curve a curve that shows the short-run tradeoff between inflation and unemployment
Business cycle fluctuations in economic activity，such as employment and produaion
Circular-flow diagram a visual model of the economy that shows how dollars flow through markets among households and firms
Production possibilities frontier 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
Positive statements claims that attempt to do describe the world as it is
四川攀枝花旅游攻略Normative statements claims that attempt to prescribe how the world should be
Absolute advantage the comparison among producers of a good according to their productivity
Opportunity cost whatever must be given up to obtain some item
Comparative advantage the comparison among producers of a good according to their opportunity cost
Imports goods produced abroad and sold domestically
Exports goods produced domestically and sold abroad
Market a group of buyers and sellers of a particular good or service
Competitive market a market in which there are many buyers and many sellers so that each has a negligible impact on the market price
Quantity demanded the amount of a good that buyers are willing and able to-purchase
Law of demand the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
Demand schedule a table that shows the relationship between the price of a good and-the quantity demanded
Demand curve a graph of the relationship between the price of a good and the quantity demanded
Normal good a good for which, other things equal, an increase in income leads to an increase in demand
Inferior good a good for which, other things equal, an increase in income leads ‘to a decrease in demand
Substitutes two goods for which an increase in the price of one leads to an increase in the demand for the other
Complements two goods for which an increase in the price of one leads to a decrease in the demand for the other
上海怡沁园度假村Quantity supplied the amount of a good that sellers are willing and able to sell Law of supply the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises
Supply schedule a table that shows the relationship between the price of a good and the quantity supplied
Supply curve a graph of the relationship between the price of a good and the quantity supplied
Equilibrium a situation in which the price has reached the level where quantity supplied equals quantity demanded
Equilibrium price the price that balances quantity supplied and quantity demanded
Equilibrium quantity the quantity supplied and the quantity demanded at the equilibrium price
Surplus a situation in which quantity supplied is greater than quantity demanded
Shortage a situation in which quantity demanded is greater than quantity supplied
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银滩民宿价格
Laws of supply and demand the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
Elasticity a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants
Price elasticity of demand a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the e percentage change in quantity demanded divided by the percentage change in price
