Term
|
Definition
| production, exchange, distribution and consumption |
|
|
Term
|
Definition
| although we have unlimited wants and needs, the resources available are limited. So more of a thing usually means having less of another |
|
|
Term
|
Definition
| the study of how people make choices under conditions of scarcity and the results of those choices for society. |
|
|
Term
|
Definition
| an actor should take an action if, and only if, the extra benefits are greater than or equal to the extra cost. (time is the most scarce resource) |
|
|
Term
|
Definition
| someone with well defined goals who tries to fulfill those goals as best she can |
|
|
Term
|
Definition
| some personally defined benefit of engaging in an activity minus the cost of said activity |
|
|
