Econ Unit 1 Section 1-4 Vocab

Front

Wants:

Back

An item we desire but is not essential for survival, like a new car or a vacation.

Front

Needs

Back

Essential for survival: air, food, shelter.

Front

Economics: A social science field about how people use resources to produce or consume goods/services to meet wants.

Back

A social science field about how people use resources to produce or consume goods/services to meet wants.

Front

Scarcity: The basic economic problem due to unlimited wants and limited resources.

Back

The basic economic problem due to unlimited wants and limited resources.

Front

Choice: The act of picking between two or more possibilities.

Back

The act of picking of deciding between two or more possibilities.

Front

Opportunity Cost

Back

Most desirable benefit or value given up to obtain something else.

Front

Resources

Back

Assets used to produce human needs and wants.

Front

Marginal Analysis

Back

Comparing extra benefits of an action to its extra costs.

Front

Marginal Benefit

Back

Additional satisfaction from producing or consuming one more unit of a good or service.

Front

Marginal Cost

Back

Change in total cost when quantity produced/consumed increases by one unit.