The study of how people make rational self-interest choices in using unlimited resources to satisfy limited wants and needs

The study of how people, when faced with scarcity, make irrational choices

The study of how people, when faced with scarcity, make rational self-interest choices in using limited resources to satisfy wants and needs

The study of economic choices

Choice

Rational self-interest

Scarcity

Bartering

The problem of having unlimited resources with unlimited wants and needs

The problem of having limited resources with unlimited wants and needs

The problem of having limited resources with limited wants and needs

The problem of having unlimited resources with limited wants and needs

A balanced choice that helps the person who makes it and others

A quick choice that helps the person making the choice

A sensible choice that best serves the person making the choice

Taking a product with a promise to return it 

The value placed on a product

An object used as payment for a product

Trading a product for another product

Indicator of debt

Unit of accounting

Store of value

Medium of exchange

As medium of exchange

As unit of accounting

As store of value

Unit of accounting

Store of value

Medium of exchange

To provide jobs for sellers

To allow for the exchange of products

To provide a place for buyers to spend time

To help government raise taxes

Higher product prices and lower profits for sellers

Higher product prices and higher profits for sellers

Lower product prices and lower profits for sellers

Lower product prices and higher profits for sellers

Monopoly 

Oligopoly

Pure competition

Monopoly

Oligopoly

Pure competition

Monopoly

Oligopoly

Pure competition

No control over the price or market

Many buyers and sellers

There are market entry barriers

Buyers are familiar with product

Lower the price

Raise the price

A better product

A better market

A barrier to market entry

A more competitive market