Economics Vocabulary #1

Front

Influence one's decisions and behavior.

Back

Values

Front

Moral principles.

Back

Ethics

Front

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

Back

Cost Benefit Analysis

Front

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

Back

Entitlement

Front

What a person must have to survive.

Back

Needs

Front

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

Back

Technology

Front

Tools used to reach goals.

Back

Resource

Front

Objective to be obtained within a set period of time.

Back

Goal

Front

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

Back

Law of Diminishing Marginal Unity

Front

Process of using and organizing resources.

Back

Management