TERM 1
Economy
DEFINITION 1
A system for coordinating society's productions
TERM 2
Economics
DEFINITION 2
The social science that studies the production, distribution
and consumption of goods and services.
TERM 3
Market Economy
DEFINITION 3
An economy in which decisions about production and
consumption are made by individual producers and
consumers.
TERM 4
Micro-Economics
DEFINITION 4
the branch of economics that studies how people make
decisions and how those decisions interact.
TERM 5
Market
Failure
DEFINITION 5
When the individual pursuit of self interest yields bad results
for society as a whole.
