Economic Decision-Making Vocabulary

Trade-offs (vocab)

• what u need in ur life to feel sucesfull

• alternative choice when making a decision

• the cost of the next best thing

• we buy/make everything we want

Opportunity cost (vocab)

• goods and services

• cost of the next best opportunity

• diagram representing slopes

Production possibilities fronter (vocab)

• diagram that represents different combination of goods/services an economy can preoduce

• decision making grid

• cost of next best living opertunity

• we can make/buy almost everything we want

Cost-benefit analysis (vocab)

• an alternative choice when making a decision

• grid w the best options

• physiology that puts forth choosing their option w/ best consequences

• decision making grid

Free enterprise economy (vocab)

• we can make/buy almost anything we want

• so u can be informed

• when u only choose one option

• what you need in ur life to feel successful

Standard of living (vocab)

• the alternative choice

• what you need in life to feel fulfilled or successful

• diagram that represents. different combinations

• curved diagram

Utilitarianism (vocab)

• decision making grid

• what u need to feel fufilled

• a physology that puts forth choosing their option with the best consequence

• choice when making decisions