economic words
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Last updated 3:03 PM on 8/30/23
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6 Terms
1
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Tradeoff
a balance achieved between two desirable but incompatible features; a compromise.
2
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Economics
of, relating to, or based on the production, distribution, and consumption of goods and services
3
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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.
4
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Scarcity
the state of being scarce or in short supply; shortage.
5
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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
6
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Ration
a fixed amount of a commodity officially allowed to each person during a time of shortage, as in wartime
