Studied by 0 people
Looks like no one added any tags here yet for you.
Optimize
-make the best or most effective use of (a situation, opportunity, or resource)
-to make it as perfect, effective, or functional as possible
Scarcity
-the state of being scarce or in short supply; shortage
-does not just mean its running out, but that it is not free
The economy
a mechanism of production, distribution, and consumption
a system that coordinates production with choices about consumption and distributes goods and services to those who want them
A market
allocates resources based on price and voluntary exchange
a system of decentralized (controlled by many officers or authorities rather than just one) decisions by many firms and individuals
a system of “high powered incentives” where control rights flow to those who value them most
