Term
|
Definition
| the study of how people choose to use their scarce resources to attempt to satisfy their unlimited wants. |
|
|
Term
|
Definition
| the goods available are too few to satisfy individuals’ desires |
|
|
Term
| The Three Basis Questions Economics Answers |
|
Definition
What to produce? How much to produce?
How to produce it?
For whom to produce it? |
|
|
Term
|
Definition
| the benefit forgone of the next-best alternative to the activity you have chosen |
|
|
Term
|
Definition
| the costs that you have already been incurred and cannot be recovered |
|
|
