Any imperfection in the market mechanism that prevents optimal outcomes is known as

When economists talk about labor, we mean both the people who work to produce goods and services and the skills of those people.

At which point is society employing some of its available technology but not all of it? (See Figure 1.1.)

One reason why economic theory may not fully explain the events and data that we observe in the real world is that, in reality, many events are happening at the same time, while in theory, we assume that only one thing changes at a time.

At which point is society employing some of its available technology but not all of it? (See Figure 1.1.)

Economics is a way of studying human behavior.

When an economy is producing efficiently, it is

Economics is a way of studying human behavior.

The GDP per capita is the most practical way to

Unlike consumers and business firms, the public sector has no maximizing goals.