Basic Economics Terms

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8 Terms

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Scarcity

not having enough resources to produce all the things we want

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Economics

study of decisions people make because of scarcity

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Cost & Benefit

unfavorable things; favorable things to a decision maker

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Utility

satisfaction received from decision

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Incentive

something to persuade a person toward a behavior/decision

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Trade-off

giving up something in order to get something else

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Opportunity Cost

The best thing given up when a choice is made; the second choice

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Sunk Cost

a cost already incurred that cannot be recovered