- Study guides, Class notes & Summaries

opportunity cost - CORRECT ANSWERwhatever must be given up to obtain some item marginal change - CORRECT ANSWERa small incremental adjustment to a plan of action ("the edge") market economy - CORRECT ANSWERan economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services. market failure - CORRECT ANSWERa situation in which a market left on its own fails to allocate resources efficiently extern...