PF intro Word Scramble
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Question | Answer |
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. |
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