[曼昆经济学Glossary.docVIP

Economics Chapter 1 business cycle fluctuations in economic activity, such as employment and production economics the study of how society manages its scarce resources efficiency the property of society getting the most it can from its scarce resources equality the property of distributing economic prosperity uniformly among the members of society externality the impact of one person’s actions on the well-being of a bystander incentive something that induces (a person to act inflation an increase in the overall level of prices in the economy marginal changes small incremental adjustmen