Define the following: economics, scarcity, and rational person assumption List and define the four economic resources Bill decides to spend the evening studying for his economics exam, rather than see a movie with friends. Explain his actions in terms of 'opportunity cost' Explain Adam Smith's 'Resource Owner Motivation Theory' (also known as the 'invisible hand concept') Compare and contrast 'marginal cost' with 'marginal benefit'. When will an activity be continued using these concepts? Provide an example Explain the difference between macroeconomics and microeconomics