| vocabulary word |
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| definition |
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| example |
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| 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. |
or...
