Chapter 1: Limits,
and Choi
, Introducti
Economics
The social scienc
with how individ
institutions, and
optimal (best) ch
, The Economic Per
Economic Perspective
A viewpoint that envisions individua
rational decisions by comparing the
marginal costs associated with their
Scarcity and Choice
Scarcity
The limits placed on the amount
services available for consumpti
being only limited economic reso
, The Economic Pers
Scarcity and Choice (2)
Opportunity Costs
The amount of other product
or sacrificed to produce a un
Purposeful Behavior
Utility
The want-satisfying power of
satisfaction or pleasure a con
and Choi
, Introducti
Economics
The social scienc
with how individ
institutions, and
optimal (best) ch
, The Economic Per
Economic Perspective
A viewpoint that envisions individua
rational decisions by comparing the
marginal costs associated with their
Scarcity and Choice
Scarcity
The limits placed on the amount
services available for consumpti
being only limited economic reso
, The Economic Pers
Scarcity and Choice (2)
Opportunity Costs
The amount of other product
or sacrificed to produce a un
Purposeful Behavior
Utility
The want-satisfying power of
satisfaction or pleasure a con
