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Scarcity ---> A condition in which the quantity of a resource is limited in comparison to the number of people who want that resource.
Trade-off ---> Giving up one or all alternatives to obtain another.
Opportunity cost ---> The value of the second-best alternative, which is given up when making a choice among alternatives.
Marginal analysis ---> Comparing the additional costs and additional benefits of a choice.
Marginal cost ---> The additional cost of making a change or a choice.
