Chapter 1 - Ten Principles of Economics

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27 Terms

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Efficiency vs. Equality
________ is a common trade- off in society.
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Central planning
________ meant that the government could organize an economic activity that was beneficial for the country.
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Rational people
________: people who systematically and purposefully do the best they can to achieve their objectives.
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Productivity
________: the number of goods and services produced from each unit of labor input.
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fuel efficient
Taxes on gas lead people to drive more small and ________ vehicles.
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Scarcity
________: the limited nature of society's resources.
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Equality
________: the property of distributing economic prosperity uniformly among the members of society.
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Inflation
________ is typically caused by the growth of the nation in the quantity of money.