Decision Making Econ Word Scramble
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| Term | Definition |
| 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 |
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smmhr5
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