Understanding Economic Concepts and Costs

Front

money that is earned from work or investments

Back

income

Front

the use of resources to buy, sell, produce, or consume goods and services

Back

economic activity

Front

something that is lost or given up in the process of getting something else

Back

cost

Front

The value of what you have to give up in order to choose something else.

Back

opportunity cost

Front

a plan for using money, based on expected income and expense

Back

budget

Front

something advantageous or positive, especially as a result of a decision

Back

benefit

Front

a resource used to produce a good or service

Back

productive resource

Front

to trade willingly in a way that benefits both sides

Back

voluntary exchange

Front

how efficiently something can be made; the rate of output per unit of input

Back

productivity

Front

the buying and selling of goods and services

Back

trade