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scarcity

TermDefinition
scarcity for example our income is scare therefore individuals have to choices about how they spend their limited income
economics a social science which studies how individuals organisations and the government have limited resources
rational behaviour An individual is more likely to buy an item at a lower price than a higher price
irrational behaviour an individual can be lazy sometimes when making choices or influenced by there friends family or social media
opportunity cost the benefit or value of something that must be given up to acquire or achieve something else something else
financial cost the price we pay for an item that satisfies a p
Created by: Lucas finn
Popular Economics sets

 

 



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