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QuestionAnswer
Opportunity Cost What you give up for something you value more
Supply and Demand Supply and demand are both influenced by the price of goods and services.
Scarcity Having unlimited wants in a world of limited resources.
Wants Things that enrich your life but are not absolutely necessary
Needs Things that are absolutely necessary to survive and fulfill your commitments
Values What is of greatest value to you?
Microeconomics Part of economics concerned with the effects of single entity and individual decisions.
Supply and Demand Supply and demand are both influenced by the price of goods and services.
Rational Decision Making Choose the best option and finalize your decision.
Created by: martimck002
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