Term
|
Definition
| the best alternative that we forgo, or give up, when we make a choice or a decision |
|
|
Term
|
Definition
| the process of analyzing the additional costs or benefits arising from a decision |
|
|
Term
|
Definition
| costs that cannot be avoided because they have already been incurred |
|
|
Term
|
Definition
| a market in which profit opportunities are eliminated almost instantaneously |
|
|
Term
|
Definition
an approach to economics that seeks to understand ehavior and the operation of systems without making judgments.
*describes what exists and how it works |
|
|
Term
|
Definition
|
|
Term
|
Definition
| produce what the people want at the least possible cost |
|
|
