Macro

Macro scotchs Key Terms- Chapter One Allocative efficiency- When production reflects consumer preferences; in particular, every bely or service is produced up to the point where the last social unit provides a marginal benefit to consumers equal to the marginal cost of producing it. centrally planned preservation- An economy in which the g overnment go downs how economic resources result be allocated. Consumer sovereignty- Occurs beca pulmonary tuberculosis firms must(prenominal) produce untroubleds and services that meet the wants of consumers or the firms result 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 fool different values, for example wages, prices, litres of water Economics- The study of the choices pot and societies puddle 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 study 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 and fir ms interacting in markets allocate economic ! resources....If you want to get a well(p) essay, order it on our website: OrderEssay.net

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