economics

4. the limited nature of society’s resources
5. something that induces a person to act
9. the quantity of goods and services produced from each unit of labor input
11. a small incremental adjustment to a plan of action
13. the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices

1. the property of distributing economic prosperity uniformly among the members of society
2. people who systematically and purposefully do the best they can to achieve their objectives
3. the property of society getting the most from scarcity
6. an increase in the overall level of prices in the economy
7. the impact of one person’s actions on the well-being of a bystander
8. whatever must be given up to obtain some item
10. the ability of an individual to own and exercise control over scarce resources
12. the study of how society manages its scarce resource