Vocabulary ECON Final Exam

Something that we desire to have

• want

• need

• resource

• scarcity

anything that is used to produce goods or services

• want

• need

• resource

• rationing device

the condition in which our wants are greater than the resource available to satisfy them

• scarcity

• opportunity cost

• rationing device

• trade off

the most highly valued opportunity or alternative given up when a choice is made

• opportunity cost

• trade off

• scarcity

• rationing device

a situation in which having more of one thing necessarily means having less of something else

• trade off

• resource

• opportunity cost

• cost benefit analysis

a graphic representation of all possible combinations of two goods that an economy can produce

• production possibilities frontier

• economics

• trade off

• resource

the science that studies the choices of people trying to satisfy their wants in a world of scarcity

• economics

• production possibilities frontier

• theory

• entrepreneurship

Additional

• marginal

• tangible

• intangible

• rationing device

something that encourages or motivates a person to take action

• incentive

• want

• resource

• tangible

able to be felt by touch

• tangible

• intangible

• marginal

• economics