fart

economics

the study of how people seek to satisfy their needs and wants by making choices

macroeconomics

the study of economic behavior and decision making in a nation’s whole economy

microeconomics

the study of economic behavior and decision-making in small units, such as households and firms

cost benefit analysis

 a decision making process in which you compare what you will sacrifice and gain by a specific action

law of increasing cost

an economic principle which states that as production shifts from making one good or service  to another more resources are needs to increase production of the second good or service

trade off

the act of giving up one benefit in order to gain another greater benefit

capital

any human-made resource that is used to produce other goods and services

factors of production

the resources that are used to make goods and services