E-27 Economics Vocabulary

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Can you name the Vocabulary Word?

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DefintionVocabulary Word
things we would like to have, such as entertainment, vacations, and items that make life comfortable and enjoyable
the cost of the next best use of time and money when choosing to do one thing or another
simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future
the degree to which resources are being used efficiently to produce goods and services
previously manufactured goods used to make other goods and services
economic model that compares the marginal costs and marginal benefits of a decision
a movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers
the additional or extra benefit associated with an action
not having enough resources to produce all of the things we would like to have
the additional or extra opportunity cost associated with an action
the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied
the payment people receive when they lend money or allow someone else to use their money
system in which individual own the factors of production and make economic decisions through free interaction
a reliance on others, as they rely on you, to provide goods and services to be consumed
money or income left after all taxes have been paid
the struggle that goes on between buyers and sellers to get the best products at the lowest prices
DefintionVocabulary Word
tangible products that we use to satisfy our wants and needs
work performed by a person for someone else
economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
the breaking down of a job into separate, smaller tasks to be performed individually
money income left after necessities have been bought and paid for
the money a business receives for its products or services over and above its costs
requirements for survival, such as food, clothing, and shelter
the total demand of all consumers for a product or service
the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants
the alternative you face if you decide to do one thing rather than another
resources necessary to produce goods and services
human effort directed toward producing goods and services
total dollar value of all final goods and services produced in a country during a single year
individuals who start new businesses, introduce new products, and improve management techniques
reward offered to try to persuade people to take certain economic actions

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