• relative scarcity - the comparison of the scarcity of one good, service, or resource to that of another 
• rational decision making based on 
• self interest 
• optimization marginal decision making 
• land resource 
•  things found on and under the earth 
• scarcity- the fact that unlimited wants cannot be completely satisfied with limited resources 
• marginal decision making - when you decide to turn off the bedroom light on your way to the kitchen to save money 
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