Economics Micro & Macro (CliffsAP)

L labor:Human effort used to produce goods and services, including human capital. labor union:An organization of workers formed ...

marginal cost curve:The curve that illustrates the marginal cost of each unit produced. marginal private benefit:The added benef ...

N national debt:The amount of money that the federal government owes; it is owned by the American public. natural monopoly:A sin ...

personal distribution of income:The way that income is shared among people in a particular economic system. personal income tax: ...

public goods:Goods and services available to the whole society. public goods rationale:The argument that some public goods can b ...

scale of production:The overall level of use of all factors of production. scarcity:The condition that occurs because people’s w ...

T table:A simplified way of showing numbers. tariff:A tax on imports. technology:The body of knowledge that is used for the prod ...

W wage and price controls:Government controls on the levels of wages and prices. wage rate:The price paid for each unit of labor ...