Econ words
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| Need | show 🗑
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| show | a thing we would like to have, such as entertainment, vacations, or an item that makes life comfortable and enjoyable
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| Scarcity | show 🗑
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| Trade-off | show 🗑
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| show | the cost of the next best alternative use of time and money when choosing to do one thing rather than another
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| Marginal cost | show 🗑
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| Marginal benefit | show 🗑
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| show | economic model that compares the marginal costs and marginal benefits of a decision
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| Gross Domestic Product (GDP) | show 🗑
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| show | the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied
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| show | free and willing exchange of goods and services between buyers and sellers
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| Factor markets | show 🗑
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| show | a market where producers offer goods and services for sale
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| Profit Motive | show 🗑
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| Competition | show 🗑
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Created by:
MCSJCunningham
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