Basic Economics

3. situational decision that involves diminishing or losing one quality, quantity, or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff is where one thing increases, and another must decrease
5. part of economics whose objective is fairness or what the outcome of the economy or goals of public policy ought to be
8. loss of value or benefit that would be incurred by engaging in that activity, relative to engaging in an alternative activity offering a higher return in value or benefit
10. of production land, labor, and capital
12. assets used for the production of goods and services
14. large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated
15. the condition that results because people have limited resources but unlimited wants

1. change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones
2. systematic approach to estimating the strengths and weaknesses of alternatives used to determine options which provide the best approach to achieving benefits while preserving savings
4. social science, study of how people choose to use their limited resources to satisfy their unlimited wants
6. efficiency of production of goods or services expressed by some measure
7. physical articles that have been produced for sale or use; food, clothing, and cars
9. branch of economics that concerns the description, quantification and explanation of economic phenomena; it focuses on facts and cause-and-effect behavioral relationships and notes that economic theories must be consistent with existing observations
11. motivates or drives one to do something or behave in a certain way
13. teaching, gardening, and childcare