Scarcity

Answer:

Situation in which, unlimited wants exceed the limited resources available to fulfill those wants

Economics

Answer:

study of the choices people make to attain their goals, given their scarce resources

Market

Answer:

Group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade

People are rational

Answer:

Economists assume consumers and firms use all available info as they act to achieve their goals

People respond to Economic Incentives

Answer:

Humans act from a variety of motives, including religious belief, envy, and compassion

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