economic words

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Tradeoff

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6 Terms

1

Tradeoff

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

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2

Economics

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

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3

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.

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4

Scarcity

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

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5

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

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6

Ration

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

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