A small incremental adjustment to a plan of action.
Economics

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Social Studies
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12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Marginal Change
2.
FLASHCARD QUESTION
Front
An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services.
Back
Market Economy
3.
FLASHCARD QUESTION
Front
People who systematically and purposefully do the best they can to achieve their objectives.
Back
Rational People
4.
FLASHCARD QUESTION
Front
Fluctuations in the economic activity such as employment and production.
Back
Business Cycle
5.
FLASHCARD QUESTION
Front
The quantity of goods and service produced from each labor input.
Back
Productivity
6.
FLASHCARD QUESTION
Front
The study of how society manages its scarce resources.
Back
Economics
7.
FLASHCARD QUESTION
Front
An increase in the overall level of prices in the economy.
Back
inflation
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