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Econ words

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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