Examlex
The "bottom of the pyramid" refers to ________.
Scarcity
The limits placed on the amounts and types of goods and services available for consumption as the result of there being only limited economic resources from which to produce output; the fundamental economic constraint that creates opportunity costs and that necessitates the use of marginal analysis (cost-benefit analysis) to make optimal choices.
Opportunity Costs
Missing out on potential gains from various alternatives once a particular option is picked.
Economics Quiz
A set of questions designed to test knowledge and understanding of economic principles and theories.
Marginal Benefit
The additional satisfaction or utility gained from consuming or using one more unit of a good or service.
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