Microeconomics Macroeconomics
Scarcity Principle Cost-Benefit Principle
Opportunity Cost Trade-off
Economic Surplus Sunk cost
Optimization (household/consumer) Optimization (firms)
Utility Expected Value
Risk-neutral person Risk-loving person
Risk-averse person
Pareto efficiency/optimality Pareto improvement
Scarcity Principle Cost-Benefit Principle
Opportunity Cost Trade-off
Economic Surplus Sunk cost
Optimization (household/consumer) Optimization (firms)
Utility Expected Value
Risk-neutral person Risk-loving person
Risk-averse person
Pareto efficiency/optimality Pareto improvement