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Economics
Econ words
| Term | Definition |
|---|---|
| Need | requirements for survival, such as food, clothing, and shelter |
| Want | a thing we would like to have, such as entertainment, vacations, or an item that makes life comfortable and enjoyable |
| Scarcity | not having enough resources to produce all of the things we would like to have |
| Trade-off | the alternative you face if you decide to do one thing rather than another |
| Opportunity cost | the cost of the next best alternative use of time and money when choosing to do one thing rather than another |
| Marginal cost | the additional or extra opportunity cost associated with an action |
| Marginal benefit | the additional or extra benefit associated with an action |
| Cost-benefit analysis | economic model that compares the marginal costs and marginal benefits of a decision |
| Gross Domestic Product (GDP) | total dollar value of all final goods and services produced in a country during a single year |
| Standard of living | the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied |
| Market | free and willing exchange of goods and services between buyers and sellers |
| Factor markets | a market where productive resources are bought and sold |
| Product markets | a market where producers offer goods and services for sale |
| Profit Motive | the driving force that encourages individuals and organizations to improve their material well-being |
| Competition | the struggle that goes on between buyers and sellers to get the best products at the lowest prices |
Created by:
MCSJCunningham
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