Group 1 Economics Vocabulary

the loss of potential gain from other alternatives when one alternative is chosen.

The market is......

a market where producers offer goods and services for sale

Microeconomics is concerned with single factors and the effects of individual decisions

which part of economics is concerned with large-scale or general economic factors

easy rep. of the real world that economies make to look at economy behavior

requirements for survival

Giving up one thing to receive another is an example of ?

the money, people, and materials available to accomplish a community's goal

My phone makes me comfortabl, that is an example of .......

Model that compares marginal costs amd marginal benefits of a decision

Economics is the study of how individuals and nations make

a market where producers offer goods and services for sale

your parents have to provide more than the basics for you, they must provide your wants too.

the degree to which resources are being used efficiently to provide goods and services

A nations way of producing things its people want or need

The costs added by producing one additional unit of a product or service