PSB Unit 2

The study of scarcity

• Scarcity
• Capitalism
• Economics
• Political Science

Having limited resources.

• Life
• Surplus
• Scarcity
• Shortage

What to produce, how to produce it, and whom to produce it for are the three

• Trade Off
• Economic Questions
• Business Questions
• Opportunity Cost

The value of the next best use of your resources

• Choice
• Decision
• Opportunity Cost
• Trade Off

Expenses that do not change from month to month, such as rent.

• Changing Expense
• Variable Cost
• Fixed Cost
• Set Expense

Expenses that can vary from month to month

• Fixed Cost
• Set Expense
• Changing Expense
• Variable Cost

Where the buying and selling of goods and services occurs

• Society
• Business
• Voluntary Exchange
• Market

An economic system that emphasizes the profit motive and is largely dictated by supply and demand

• Capitalism
• Communism
• Comman
• Traditional

The act of buyers and sellers freely and willingly engaging in market transactions

• Markets
• Voluntary Exachange
• Capitalism
• Business

Actions used to encourage us to act in a certain way or spend our money.

• Rules
• Incentives
• Utility
• Laws