Chapter #1: How People Make Decisions

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Microeconomics

COLLEGE

Last updated 3:47 PM on 9/19/26

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1

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Efficiency

getting the most from scarce resources

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Equality

Wealth is distributed among members

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Incentive

Something inducing a person to act, such as the prospect of a reward or punishment

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Market

A group of buyers and sellers of the same good and/or service