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Chapter 1

Cowen and Tabarrok

Incentives rewards and penalties that motivate behavior
Scarcity when there isn’t enough to satisfy all our wants. Or, an ever-present condition that comes from the fact we have unlimited wants but limited resources
The Great Economic Problem how to arrange our scarce resources to satisfy as many of our wants as possible
Opportunity Cost the value of the options lost. Or, represent the benefits an individual, investor or business misses out on when choosing one alternative over another
Economies of scale the reduction in costs created when goods are mass-produced. Or, refers to reduced costs per unit that arise from increased total output of a product.
Created by: eclardy