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Vocabulary Flashcards

TermDefinition
incentives benefit offered to encourage people to act in a certain way
utility benefit or satisfaction gained from using a good or service
economize to make decisions according what is believed to be the best combination of costs and benefits
trade-off alternative when someone gives up when making an economic choice
opportunity cost value of something that is given up by choosing one alternative over another
cost-benefit analysis practice of examining the costs and the expected benefits of a choice as an aid to choice making
marginal cost additional cost of producing or using one more unit of a good or service
marginal benefit benefit or satisfaction gained from using one or more unit if a good or service
Created by: shortbreadcookie
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