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Introduction to Economics

A SAGAR REDDY @ RK Business School

Various terms used in the usage of the subject of Economics

Scarcity  An increase in the overall level of prices in the economy
Economics The study of how society manages its scarce resources
Efficiency The study of how households and firms make decisions and how they interact in markets
Equity The amount of goods and services produced from each hour of a worker's time
Opportunity Cost Small incremental adjustments to a plan of action
Microeconomics The property of distributing economic prosperity fairly among the members of society
Macroeconomics The study of economy-wide phenomena, including inflation, unemployment, and economic growth
Inflation Whatever must be given up to obtain some item
Productivity The property of society getting the most it can from its scarce resources
Marginal Changes The limited nature of society's resources

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