Economics

Things you would like to have but can live without.

Tools, machinery and buildings are examples of what type of resource?

Your wants and needs are not likely to change as you grow older.

The study of how we make use of our resources.

A purchase made on a whim.

What is the first step of systematic decision-making?

Coal, oil and trees are what type of resource?

Total revenue - total cost

The creation of goods and services.

The value of the next best alternative whenever you make a choice.

The amount by which an additional unit of an activity increases its total cost

The things you want to accomplish in your life.

Many firms producing products that are similar but not identical

Your short term goals have a large relationship to your long term goals.

As a consumer you have a great deal of power over businesses.

What decision-making strategy weighs the costs against the benefits of an action, purchase or financial decision.

The most important reason to run a business in a market economy is to help people.

A market dominated by a few large profitable firms

An economy in which the government owns resources and makes the economic decisions.

Skills and knowledge are what type of resource?

Anyone who buys or uses a product.

Your principles or values by which you live.

An economy in which production methods are passed down from one generation to the next.

An economy in which the people own the resources and make decisions.

Things used to make goods and services.