Economics Test #1

Economics 201 with Bueckman at University of Tennessee - Knoxville

About this deck

By: kelsey rose
Created: 2011-02-14
Size: 7 flashcards
Views: 1109

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Sacarcity

limited nature of society's resources

economics

study of ow society manages its scares resources

effciency

getting most out of resources

equality

distrubuting prosperity uniformly among society

opportunity cost

true cost of a decision

market failure

market fails to allocate society's resources efficiently

externalities

production or consumption of a good affects bystanders

About this deck

By: kelsey rose
Created: 2011-02-14
Size: 7 flashcards
Views: 1109

About StudyBlue

“I have been getting MUCH better grades on all my tests for school. Flash cards, notes, and quizzes are great on here. Thanks!”
Kathy