economic words

Tradeoff

a balance achieved between two desirable but incompatible features; a compromise.

Economics

of, relating to, or based on the production, distribution, and consumption of goods and services

Personal Finance

financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events.

Scarcity

the state of being scarce or in short supply; shortage.

Resources

a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively

Ration

a fixed amount of a commodity officially allowed to each person during a time of shortage, as in wartime