Journal - 9/3 Unit 1 Lesson 1 Vocab

What term describes anything used to produce an economic good or service?

• Resource

• Product

• Service

• Commodity

What is the study of the workings of the economy as a whole?

• Macroeconomics

• Microeconomics

• International economics

• Development economics

What is the study of the economy at the level of individuals, households, and businesses known as?

• Macroeconomics

• Microeconomics

• International Economics

• Development Economics

What branch of economics uses value judgments to recommend actions or policies?

• Positive Economics

• Normative Economics

• Microeconomics

• Behavioral Economics

What term describes the limited nature of society's resources?

• Scarcity

• Tradeoff

• Benefit

• Invisible hand

Which concept is associated with the idea that individuals' pursuit of self-interest can lead to positive societal outcomes?

• Invisible hand

• Scarcity

• Tradeoff

• Incentive

What is the term for the act of balancing different options to achieve the best outcome?

• Scarcity

• Tradeoff

• Benefit

• Costs-versus-benefits principle

What is gained from something in terms of money, time, experience, or other improvements?

• Cost

• Benefit

• Scarcity

• Incentive

What is something that motivates a person to take a particular course of action?

• Incentive

• Scarcity

• Trade-off

• Benefit

Which term refers to the extra utility or satisfaction obtained from consuming an additional unit of a good?

• Cost

• Marginal benefit

• Market

• Margin