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ECON 2020U (13)
Chapter 1

Principles of Macro [Mankiw, Kneebone, McKenzie] - Chapter 1 Notes

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ECON 2020U
Peter Cheung

ECON2020Chapter 1 Notes TEN PRINCIPLES OF ECONOMICS Terms Scarcitythe limited nature of societys resources Economicsthe study of how society manages its scarce resources Efficiencythe property of society getting the most it can from its scarce resources Equitythe property of distributing economic prosperity fairly among the members of societyOpportunity costwhatever must be given up to obtain some item Rational peoplepeople who systematically and purposefully do the best they can to achieve their objectives Marginal changessmall incremental adjustments to a plan of action Incentivesomething that induces a person to act Market economyan economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services Property rightsthe ability of an individual to own and exercise control over scarce resources Market failurea situation in which a market left on its own fails to allocate resources efficientlyExternalitythe impact of one persons actions on the wellbeing of a bystander Market powerthe ability of a single economic actor or group to have a substantial influence on market prices Productivitythe quantity of goods and services produced by one hour of a workers time
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