Economics Vocabulary #1

Influence one's decisions and behavior.

• Ethics

• Entitlement

• Values

• Cost Benefit Analysis

Moral principles.

• Ethics

• Entitlement

• Cost Benefit Analysis

• Values

Method of weight the cost against the benefits of an action.

• Ethics

• Entitlement

• Cost Benefit Analysis

• Values

Government program that provides financial benefits to eligible citizens based on their legal rights.

• Ethics

• Entitlement

• Cost Benefit Analysis

• Values

What a person must have to survive.

• Needs

• Goal

• Technology

• Resource

Application of science and research to improvement to human life or the environment.

• Needs

• Goal

• Technology

• Resource

Tools used to reach goals.

• Needs

• Goal

• Technology

• Resource

Objective to be obtained within a set period of time.

• Needs

• Goal

• Technology

• Resource

Marginal benefit of using an additional unit of something decreases as the quantity decreases.

• Law of Diminishing Marginal Unity

• Personal Finance Planning

• Personal Information Management

• Management

Process of using and organizing resources.

• Law of Diminishing

• Marginal Unity

  Personal Finance Planning

• Personal Information Management

• Management