1. Match each term with the correct definition. LO1.1 economics opportunity cost marginal analysis utility

a. The next-best thing that must be forgone in order to produce one more unit of a given product.

b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.

c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.

d. Making choices based on comparing marginal benefits with marginal costs.