economic

Answer:

the study of how we make decisions in world are limited

scarity

Answer:

the condition that occurs because people's wants and needs are unlimited, while the resources needed to produce goods and services to meet these wants and needs are limited

needs

Answer:

we have many that are required forour survival

Tradeoff

Answer:

the alternative that you face if you decide to do one the than another

Opportunity cost

Answer:

cost of the next best use of your time or mney when you choosethan another o do one thing rather than another

Marginal cost

Answer:

the extra cost of producing one addtional unit of out put

Marginal Benefit

Answer:

the addtional benefit associated with an action

cost benefit analysis

Answer:

economic model that compares the marginal cost and marginal benefits of a decision

market economy

Answer:

economic questions are awnsered through supply demand and prices

free eneterprise

Answer:

businesses compete for profit with minimum interference