| A | B |
|---|
| Economics | The social science that studies the production |
| Scarcity | Ever-present situation in all markets whereby either fewer goods are available than the demand for them |
| Economizing | Practicing economics; that is |
| Opportunity cost | the best alternative that is forgone because a particular course of action is pursued. For example |
| Trade-off | an exchange of one thing in return for another |
| Consumption | Expenditure during particular period on goods and services used in satisfaction of needs and wants. |
| Production | Processes and methods employed in transformation of tangible inputs (raw materials |
| Producer | someone who produces or manufactures something. |
| Exchange | reciprocal transfer of goods or services from one entity to another. |
| Distribution | in economics |
