经济学原理第四版名词解释.pdfVIP

Chap1 Principle #1: People Face Tradeoffs scarcity: the limited nature of society ’s resources. economics: the study of how society manages its scarce resources. efficiency: the property of society getting the most it can from its scarce resources. equity: the property of distributing economic prosperity fairly among the members of society. Principle #2: The Cost of Something Is What You Give Up to Get It opportunity cost: whatever must be given up to obtain some item. marginal changes: small incremental adjustments to a plan of action. Principle #4: People Respond to