Title: Describe how consumers, businesses, and government decision-makers face scarcity of resources and must make trade-offs and incur opportunity costs.
Course: Economics and Personal Finance (19262-I) > Section: Developing Knowledge and Integration of Basic Economic Concepts and Structures

Description should include

- definitions of the terms resources, scarcity, trade-offs, opportunity cost, and economics
- the relationships among opportunity cost, trade-offs, resources, and scarcity
- the concept that scarcity forces a trade-off and incurs opportunity costs.