Foundations of Economics

The social science that studies the choices of people trying to satisfy their wants in a world of scarcity.

• Economics

• Psychology

• Sociology

• Political Science

The condition in which our wants are greater than the amount of goods available

• Surplus

• Scarcity

• Economics

• Utility

The word Economists use to measure happiness

• Demand

• Supply

• Utility

• Scarcity

A choice

• Supply

• Demand

• Economics

• Trade-off

The most highly valued opportunity or alternative forfeited when a choice is made

• Opportunity Cost

• Economics

• Scarcity

• Trade-off

Shows all possible combinations of two goods that an economy can produce in a certain period of time

• Supply

• Demand

• Production Possibilities Frontier

• Scarcity

A way to decide who gets what portion of all the resources and goods available

• Economics

• Scarcity

• Rationing

• Trade-off

Motivates a person to take an action

• Supply

• Demand

• Trade-off

• Incentive

The word that means "additional" in Economics

• Supply

• Demand

• Utility

• Marginal

Products that are available to buy in an economy to satisfy wants

• Goods

• Resources

• Land

• Services