Holiday in Nordland – Nordland Travel for g., individual industries) allocate goods and services across competing ends with unlimited wants. Microeconomics focuses on variables like output and price. minimum efficient scale: the lowest level of output where minimum long-run average costs are achieved. monetary policy: when government chooses to affect economic activity with changes in the money supply and/or interest rates in order to accomplish specific macroeconomic goals. Glossary 941 money: any good that fulfills the functions associated with facilitating the exchange of goods and services. Money is described as simultaneously functioning as a unit of account, a medium of exchange, and a store of value. Holiday in Nordland – Nordland Travel 2016.