| vocabulary word |
definition |
example |
| cost-benefit decision | a choice made to buy a product taking into consideration the future benefits that will result from the product | The outcome of the cost-benefit decision was that John joined the health club. |
| demand | the desire for a product or service | The demand for cars with better gas mileage may increase as gasoline prices continue to rise. |
| economy | the way a country's people use natural resources, money, and knowledge to produce goods and services | Tourism was a major part of the country's economy. |
| opportunity cost | the value of the second best choice when choosing between two things | The opportunity cost of attending the movie was missing the football game. |
| supply | a quantity of something that is needed or ready for use | The abundant supply of tomatoes caused their pice to drop. |
Ch.18 LTI-MA 509
