Economics 2

This estimates how much money you will make and how much money you will spend over a period of time

• budget

• expenses

Making sure you have enough money to spend on what you need

• budget

• financial well-being

Your wages and any other money you earn

• income

• financial well-being

Your bills and any other money you must pay out over a period of time

• income

• expenses

Society does not have unlimited resources to fulfill all our needs and wants.

• expenses

• scarcity

What you choose to purchase with your money. The decisions individuals make about scarce resources.

• economic choice

• opportunity cost

What you must give up to get something else.

• economic choice

• opportunity cost

You decide to go to the movies instead of going out to dinner. Choosing to go to the movies is

• economic choice

• opportunity cost

You decide you are going to buy a new outfit instead of new shoes. Not buying the shoes is

• economic choice

• opportunity cost

You have been offered tickets to the Indians game or tickets to a concert. You chose the Indians tickets. Which is the opportunity cost?

• Indians tickets

• concert tickets