economic thinking and reasoning

economics

analyszing the behaviour of individuals, firms and political institutions to see how they convert humanitys limited resources into the services and goods that best satisfy human wants and desires

scarcity

without scarcity of time, scarcity of resources, scarcity of information, scarcity of consumable goods, human beings would not lack anything, scarcity forces people to make choices

utility

acts as a common denominator that allows people to sensibly compare even radically different things, for a hedonist utility may be the physical gratification of experiencing sensual pleasures, for a morally conscientious person utility may be the sense of moral satisfaction received when doing the right thing in a particular situation

oppurtunity cost

the value of what you have to give up to choose something else