E-27 Economics Vocabulary Quiz

Defintion	Vocabulary Word
economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
money or income left after all taxes have been paid
a movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers
economic model that compares the marginal costs and marginal benefits of a decision
things we would like to have, such as entertainment, vacations, and items that make life comfortable and enjoyable
tangible products that we use to satisfy our wants and needs
the alternative you face if you decide to do one thing rather than another
work performed by a person for someone else
a reliance on others, as they rely on you, to provide goods and services to be consumed
simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future
the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied
the breaking down of a job into separate, smaller tasks to be performed individually
reward offered to try to persuade people to take certain economic actions
requirements for survival, such as food, clothing, and shelter
the additional or extra benefit associated with an action
the total demand of all consumers for a product or service

Defintion	Vocabulary Word
resources necessary to produce goods and services
the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants
the cost of the next best use of time and money when choosing to do one thing or another
money income left after necessities have been bought and paid for
the degree to which resources are being used efficiently to produce goods and services
previously manufactured goods used to make other goods and services
human effort directed toward producing goods and services
the money a business receives for its products or services over and above its costs
the additional or extra opportunity cost associated with an action
system in which individual own the factors of production and make economic decisions through free interaction
total dollar value of all final goods and services produced in a country during a single year
not having enough resources to produce all of the things we would like to have
the payment people receive when they lend money or allow someone else to use their money
individuals who start new businesses, introduce new products, and improve management techniques
the struggle that goes on between buyers and sellers to get the best products at the lowest prices

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