Master this deck with 15 terms through effective study methods.
Generated from uploaded pdf
A situation where resources are limited while wants are unlimited.
The value of the next-best alternative forgone when making a choice.
Microeconomics focuses on individual agents, while macroeconomics looks at the economy as a whole.
Decision-making based on small changes from the current situation.
What to produce, how to produce, and for whom to produce.
Equity involves fair treatment, while equality means everyone receives the same.
To influence how resources are distributed among different groups in society.
A condition where individuals lack basic necessities for survival.
A condition where individuals earn significantly less than the average income in their society.
A measure of the percentage of a population living below a specified poverty line.
An agreed measure defining absolute poverty, set at PPP$1.90.
When a household is in relative income poverty for at least two of the last three years.
It may create a poverty trap, reducing the incentive to work.
Direct taxation is levied on income, while indirect taxation is applied to goods and services.
Economic conditions can change over short and long time frames, affecting decision-making.