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Scarcity
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The fundamental economic problem of having seemingly unlimited wants in a world or limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs.
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Microeconomics
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The study of decisions regarding the allocation of resources and prices of goods and services.
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Macroeconomics
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The field that studies the behavior of the economy as a whole, not just specific companies but entire industries and economies.
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Positive economics
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The study of economics based on objective analysis. Focuses on causes and effects, behavioral relationships, and facts involved in the evolution and development of economic theories. What is, was, or will be.
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Normative Economics
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Aims to determine people desirability or lack thereof to economic programs, situations and conditions by asking what should happen or what ought to be. Typically presents an opinion on economic statements rather than objective analysis that presents facts. Cannot be tested.
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Self Interest
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Refers to actions the illicit the most personal benefit.
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Incentive
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Something that motivates an individual to preform an action.
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