Question

Can anyone help me to write the definition economic concept : trade offs, scarcity, marginal analysis, consumer behavior and demand, producer and consumer surplus and incentives in own words. definition copied from google is not accepted. we have to use our own words.

thank you!!

Answer 1

Trade-offs - It represent the the amount of one good that is to be given away to get some amount of other good.

Scarcity - It implies shortage

marginal analysis implies evaluating benefits for each additional  unit .

Consumer behavior implies how the consumer behaves wrt to changes in the price and income. Demand represents the consumption given the prices.

Consumer surplus represents difference between the willingness to pay and the price paid.