ECON 160 VOCAB

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6 Terms

1

Optimize

-make the best or most effective use of (a situation, opportunity, or resource)

-to make it as perfect, effective, or functional as possible

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2

Scarcity

-the state of being scarce or in short supply; shortage

-does not just mean its running out, but that it is not free

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3

The economy

  • a mechanism of production, distribution, and consumption

  • a system that coordinates production with choices about consumption and distributes goods and services to those who want them

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4

A market

  • allocates resources based on price and voluntary exchange

  • a system of decentralized (controlled by many officers or authorities rather than just one) decisions by many firms and individuals

  • a system of “high powered incentives” where control rights flow to those who value them most

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