Economics Vocabulary Review

Things that a person plans to achieve in the future

• goals

• savings

• wants

• choices

Something that people would like to have

• needs

• plan

• wants

• opportunity cost

Things that are favorable to the decision-maker

• services

• cost

• wants

• benefits

Work that someone does for someone else

• goods

• services

• choices

• income

Decisions that are made or courses of action taken

• choices

• services

• budget

• spending

A plan for managing income, saving and spending

• benefits

• needs

• services

• budget

Things that are unfavorable to the decision-maker

• costs

• benefits

• allowance

• goods

Earnings received for work

• savings

• income

• choices

• opportunity cost

The highest-valued choice that is given up when a decision is made

• allowance

• opportunity cost

• income

• goals

A process developed in advance of doing something to achieve a goal

• saving

• budget

• plan

• goals