Economics Berryhill

What you give up to get something else

• expense

• opportunity cost

• income

• voluntary exchange

materials and people used to create goods and services

• productive resources

• scarcity

• budget

• trade

what you gain as the result of a decision you make

• trade

• opportunity cost

• benefit

• expense

both sides trade goods and services willingly

• specialization

• budget

• benefit

• voluntary exchange

money that is earned

• income

• budget

• materials

• plans

a plan of how to use income

• exchange

• options

• budget

• scarcity

when people use productive resources that are most abundant to produce what they do best

• specialization

• trade

• production

• voluntary exchange

not enough resources to produce or purchase all the goods and services that people want or need

• specialization

• trade

• scarcity

• budget

the money spent on something

• income

• expense

• benefit

• trade

the action of buying and selling goods and services

• income

• scarcity

• benefit

• trade