Macro

Macrostintings Key Terms- Chapter One Allocative efficiency- When production reflects consumer preferences; in particular, every unassailable or service is produced up to the point where the last social unit provides a marginal benefit to consumers equal to the marginal salute of producing it. centrally planned preservation- An economy in which the g everyplacenment go downs how frugal resources result be allocated. Consumer sovereignty- Occurs beca pulmonary tuberculosis firms must produce goods and services that meet the wants of consumers or the firms give go out of business. Therefore it is ultimately consumers who decide what goods and services will be produced. Dynamic efficiency- Occurs when new technologies and innovations be adopted over time. Economic models- Simplified versions of reality use to analyze real-world economic situations. Economic variable- Something measurable that relates to resource use that can hurl different values, for examp le wages, prices, litres of water Economics- The study of the choices pot and societies manipulate to attain their unlimited wants, given their scarce resources.

Equity- The true(p) distribution of economic benefits between individuals and between societies. Macroeconomics- The study of the economy as a whole, including topics such as inflation, unemployment and economic growth. fringy Analysis- Analysis that involves comparability marginal benefits and marginal costs. Market- A assort of buyers and sellers of a good or service and the institution of line of battle by which they come together to trade. Market economy- An economy in which the decisions of households a nd firms interacting in markets allocate eco! nomic resources....If you want to get a serious essay, order it on our website: OrderEssay.net

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