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A substitute good is a good that can be used in place of another
ex: pepsi and coca cola

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a stock of a resource from which a person or place can be provided with the necessary amount of it
ex: supply of wheat

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quantity of good that consumers are willing to buy
ex: demand for nike shoes is high

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the cost added by producing one more unit of a product
ex: production of one pair of shoes is $30

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benefit or satisfaction of a consumer product
ex: a hot dog eating contest

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a systematic approach to estimating the strengths and weaknesses of alternatives used to determine options which provide the best approach to achieving benefits while preserving savings
ex: money and how much its making is used most of the time to determine this

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incentives are something that stimulates someone’s enthusiasm to do something productive
ex: getting money for doing chores

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a finite amount of something
ex: wheat produced in Kansas

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having two or more choices with separate outcomes that have a potential gain
ex: skipping class to go to Chick-Fil-A

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studying how people decide and why they decide certain alternatives to others
ex: picking a mechanical pencil over a wooden pencil

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the study of large scale economics
ex: tariffs

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the study of economics on a smaller scale
ex: target or walmart