chapter 4 lesson 3

Front

Scarcity

Back

Situation where the amount of a resource is limited

Front

Opportunity Cost

Back

The value of something that must be given up to get the thing you want

Front

Incentive

Back

Something that encourages one to take an action or do something

Front

Advertising

Back

The use of public notices to bring attention to a product or services

Front

Interest

Back

A small fee paid to bank customers in exchange for allowing the bank to use their money. A fee charged by banks for borrowing money.

Front

Promote

Back

To make widely known

Front

Prefer

Back

To like something better than another.