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Decision Making Econ

Chapter 3 Section 2

TermDefinition
Scarcity the situation that exists when there is unlimited demand, but not enough supply of a good or service
Choice an option
Resource Allocation the way things are distributed, example; vote, share, contest, force, authority, lottery, first-come/first-served, personal characteristic
Opportunity Cost the value of the next best alternative a person does not choose
Trade-off A choice to have less of one thing to get more of something else
Supply the quantity of a good or service available for sale
Demand the quantity of a good or service consumers are willing to buy
Created by: smmhr5
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