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SCARCITY
the lack of something (pomankanje)
SUPPLY AND DEMAND
When demand rises and supply is low, prices increase; when supply is high and demand is low, prices decrease. (ponudba in povpraševanje)
COST AND BENEFITS
the expenses incurred (cost) and the advantages gained (benefit) from a choice or action. (strošek in korist)
INCENTIVES
a thing that motivates or encourages someone to do something (spodbuda)
UNDERPIN
giving shape, form the basis for (podlaga)
BALANCING OF A BUDGET
when revenues (prihodki) are equal to or greater than total expenses
HOW TO ALLOCATE RESOURCES
how to distribute resources
RAW MATERIALS
surovine
EFFECTIVE
Achieving the desired goal or result. (Focus: Outcome)
EFFICIENT
Achieving the goal with minimal waste (time, effort, or resources). (Focus: Process)
PRODUCTION CYCLE
starts from raw materials and ends as a final product
COST PROHIBITED
the cost of sth prevents you from buying it even though it is the best quality
AWRY
in the wrong direction (je šlo po slabem, se je sfižilo)
DISMAL
sad
PREEMPTIVE
serving or intended to pre-empt or forestall something (preventivno)
THEORY OF RATIONAL CHOICE
people behave rationally, they mean that people try to maximize the ratio of benefits to costs in their decisions (racionalna izbira)
