Market, a group of buyers and sellers (do not need to be in single location), Important Role for Government, enforce property rights (using police, courts, etc.), Market Failure , when the market fails to allocate society resources efficiently, Productivity, the amount of goods and services produced per unit of labor, Inflation, increases in the general level of prices , Equity, government may alter market outcome to promote this, Externalities, when the production or consumption of a good affects bystanders (think polution), Market Power , a buyer/seller has influence on market price, Market Economy, allocates resources through decentralized decisions of households/firms as they interact in the market, Incentive, induces a person to act (whether bad or good), Efficiency, when society gets the most from its scarce resources, Equality, prosperity distributed uniformly among societal members.
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Social Studies
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