GLE 43 -- More on Scarcity and Choices

Terms	Definitions
Scarcity	___ forces us to make decisions on how best to use our limited resources.
happiness	We attempt to maximize our ___ using our resources.
Rational	___ choices are more likely to bring happiness.
Dismal	While economics is known as the "___ Science," it is actually the study of happiness.
utility	Economists use "___" as the measure of happiness.
values	Utility varies with the ___ of the individual, organization, or society. What pleases one person may be distasteful to another.
Economics	___ is the study of how to squeeze the most happiness from limited resources.
model	A simplified explanation in economics is known as an economic ___.
happy	The first question in economic decision-making is "How ___ will each possible choice make us?"
trade-offs	The second question in economic decision-making is "How is each choice limited and what ___ are involved?"
choice	The third question in economic decision-making is "Which ___ gives us the most happiness?"
painful	The fourth question in economic decision-making is "Which choice provides the most happiness with the least ___ trade-offs?"

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