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PF intro

Words from the OK PF intro module

QuestionAnswer
Choice decision made or course of action taken when faced with a set of alternatives.
cost/benefit analysis; risk/reward relationship A tool used to choose between alternatives: weighing the cost of a product or service against the benefit it will product.
disincentive a factor or disadvantage that discourages people from doing something
incentive any reward or benefit that motives people to do something
opportunity cost the value of the second-best alternative that a person gives up when making one choice instead of another.
scarcity an economic condition created by an excess of human wants over the resources necessary to satisfy them; an inability to satisfy all of everyone's wants.
trade-off giving up a little of one thing in order to get more of something else.
Created by: kdvicky
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