Basic Economics Terms
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Last updated 3:19 PM on 8/29/24
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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
Note 
Flashcards (40)