Answer to all if not dont answer. Define these important terms in your own words.

Scarcity:

Choice:

Trade-off:

Opportunity cost:

Supply:

Demand:

scarcity: the state of being scarce or in short supply; shortage. Choice: an act of selecting or making a decision when faced with two or more possibilities Trade-off: a balance achieved between two desirable but incompatible features; a compromise. Opportunity cost:the loss of potential gain from other alternatives when one alternative is chosen. supply:make (something needed or wanted) available to someone; provide. Demand: an insistent and peremptory request, made as if by right.

A formal sanction is a reward or punishment given by a formal organization or regulatory agency, such as a school or government. An informal sanction is a spontaneous expression of approval or disapproval given by an individual or a group, such as a standing ovation or gossip.

Explanation: