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Microeconomics chapter1-2-3-4 key concepts questions with verified answers
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Microeconomics chapter1-2-3-4 key concepts exam
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Microeconomics chapter key conceptsScarcity - answersthe limited nature of societies resources
Economics - answersthe study of how society manages its scarce resources
Efficiency - answersthe property of society getting the most it can from its scarce
resources
Equality - answersthe property of distributing economic prosperity uniformely among the
member of society
Opportunity cost - answerswhatever must be given up to get something else
Rational people - answerspeople who systematically and purposefully do the best they
can to achieve their objectives
Marginal change - answersa small incremental adjustment to a plan of action
Incentive - answerssomething that induces a person to act
Market economy - answersan economy that allocates resources through the
decentralized decisions of many firms and households as they interact in markets for
goods ans services
Property rights - answersthe ability of an individual to own and exercise control over
scarce resources
Market failure - answersa situation in which a market left on its own fails to allocate
resources efficiently
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