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The Basics Module 1 - Common Sense Economics

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Questions	Answers
Incentives are the rewards and penalties associated with choices.	Incentives
When productive resources are limited and the human desire for goods and services is practically unlimited	scarcity
The highest valued alternative good or activity that must be sacrificed as a result of choosing an option	Opportunity Cost
Economic theory that states individuals make economic decisions when the value is determined by how much additional utility or benefit an extra unit of a good or service provides	Marginalism
Something that is advantageous and the expense to acquire something	Benefit and Cost
The study of how individuals, governments, business and other organizations make choices that affect the allocation and distribution of scarce resources.	Economics
A selfless concern for the well-being of others	altruism