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Ch.1-
key terms
5
Economics
Undergraduate 3
06/24/2010
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Term
economics
 Definition
a social science of how people choose the alternatives that are available to them
Term
scarcity
 Definition
the condition of having to choose among choices
Term
scarce good
 Definition
a good for which the choice of one alternative requires that another be given up
Term
free good
 Definition
a good for which the choice of one does not require that the other has to be given up
Term
opportunity cost
 Definition
the value of the best alternative forgone in making any decision
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