Question

I WILL GIVE 37 POINTS TO THOSE WHO ANSWER THIS RIGHT NOOOO SCAMS PLEASE Define The following economic things in your own words scarcity, opportunity cost, cost benefit analysis, and marginal thinking

Answer 1

Scarcity: Limited resources relative to unlimited wants and needs.

Opportunity cost: The value of the next best alternative given up when making a choice.

Cost-benefit analysis: Comparing the expected benefits and costs of a decision or project.

Marginal thinking: Considering the incremental changes and additional benefits or costs of an action.