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Mankiw MMT 704

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Updated 2009-09-15 14:53

Summary

Chapter 1, The Principles of Economics

Terms with one word removed

Question Answer
economics: the study of how society manages _____.its scarce resouces
equity: the property of _____ fairly among the members of society.distributing economic prosperity
rational people: people who _____ do the best they can to achieve their objectivessystematically and purposefully
marginal changes: small incremental adjustments _____to a plan of action
market economy: an economy that allocates resources through _____ of many firms and households as they interact in markets for goods and servicesthe decentralized decisions
property rights: the _____ to own and exercise control over scarce resourcesability of an individual
market failure: a situation in which a market left on its own _____fails to allocate resources efficiently
market power: the ability of _____ to have a substantial influence on market pricesa single economic actor (or small group of actors)
productivity: the quantity of _____ from each hour of a worker's timegoods and services produced
business cycle: fluctuations in economic activity, such as _____employment and production
memorize

With other words removed

Question Answer
scarcity: the ____ of society's resources.limited nature
efficiency: the property of _____ getting the most it can from its scarce resources.society
equity: the property of distributing economic prosperity _____.fairly among the members of society
rational people: people who systematically and purposefully _____ to achieve their objectivesdo the best they can
incentive: _____ a person to actsomething that induces
market economy: an economy that allocates resources through the decentralized decisions of _____ as they interact in markets for goods and servicesmany firms and households
property rights: the ability of an individual to _____ scarce resourcesown and exercise control over
externality: the _____ one person's actions on the well-being of a bystanderimpact of
market power: the ability of a single economic actor (or small group of actors) to _____ market priceshave a substantial influence on
productivity: the quantity of goods and services produced from _____each hour of a worker's time
memorize

 

Question Answer
scarcity: the limited nature of _____.society's resources
efficiency: the property of society _____ from its scarce resources.getting the most it can
opportunity cost: _____ to obtain some itemwhatever must be given up
rational people: people who systematically and purposefully do the best they can _____to achieve their objectives
incentive: something that induces _____a person to act
market economy: an economy that allocates resources through the decentralized decisions of many firms and households as they _____ markets for goods and servicesinteract in
property rights: the ability of an individual to own and exercise control over _____scarce resources
externality: the impact of _____ on the well-being of a bystanderone person's actions
market power: the ability of a single economic actor (or small group of actors) to have a substantial influence on _____market prices
business cycle: _____ in economic activity, such as employment and productionfluctuations
memorize

 

Question Answer
economics: the study of _____ its scarce resources.how society manages
efficiency: the property of society getting the most it can _____.from its scarce resources
opportunity cost: whatever must be given up _____to obtain some item
marginal changes: _____ to a plan of actionsmall incremental adjustments
market economy: an economy that _____ through the decentralized decisions of many firms and households as they interact in markets for goods and servicesallocates resources
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 _____ fails to allocate resources efficientlya market left on its own
externality: the impact of one person's actions on _____the well-being of a bystander
productivity: the _____ of goods and services produced from each hour of a worker's timequantity
business cycle: fluctuations in _____, such as employment and productioneconomic activity
memorize