Chapter 3 Section 2
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| Scarcity | the situation that exists when there is unlimited demand, but not enough supply of a good or service
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| Choice | an option
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| Resource Allocation | the way things are distributed, example; vote, share, contest, force, authority, lottery, first-come/first-served, personal characteristic
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| Opportunity Cost | the value of the next best alternative a person does not choose
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| Trade-off | A choice to have less of one thing to get more of something else
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| Supply | the quantity of a good or service available for sale
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| Demand | the quantity of a good or service consumers are willing to buy
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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