Economics Unit Review

Front

Define Opportunity Cost:

Back

Opportunity cost is the cost of the next best alternative that is given up when making a choice.

Front

Define trade-off in relation to economics:

Back

A trade-off in economics is the sacrifice of one good or service for another due to limited resources.

Front

Define marginal cost:

Back

Marginal cost is the cost of producing one more unit of a good or service.

Front

Marginal Benefit:

Back

The additional satisfaction gained from consuming one more unit of a good or service.

Front

Define Need:

Back

A fundamental requirement or necessity.

Front

Define want:

Back

A want is a desire for something that is not necessary for survival.

Front

Define goods:

Back

Goods are tangible products that can be bought or sold.

Front

Define services:

Back

Services are intangible activities or benefits provided to meet needs.

Front

Define scarcity:

Back

Scarcity is the condition where resources are limited in relation to wants.

Front

Define economics:

Back

Economics is the study of resource allocation and decision-making in the face of scarcity.