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