Unit 1: Economic Concepts

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Last updated 5:15 PM on 8/25/26
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15 Terms

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<p>Resources</p>

Resources

skills, effort, land, or capital that provide you with income

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<p>Products</p>

Products

goods and services that satisfy human wants and needs

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<p>Needs</p>

Needs

 things necessary for basic living

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<p>Wants</p>

Wants

things you would like to have but not essential

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<p>Economics</p>

Economics

the study of how we make choices about using limited resources to satisfy needs and wants

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<p>Value</p>

Value

how much something is worth (in dollars and cents)

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<p>Utility</p>

Utility

the capacity to be useful and provide satisfaction

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<p>Scarcity</p>

Scarcity

a shortage of resources that results in the inability to satisfy all needs and wants

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<p>Trade-Off</p>

Trade-Off

what we give up when a choice is made between two or more options

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<p>Opportunity Cost</p>

Opportunity Cost

the next best alternative choice that is given up

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<table style="min-width: 25px;"><colgroup><col style="min-width: 25px;"></colgroup><tbody><tr><td colspan="1" rowspan="1" style="border-width: 0.5pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: middle; padding: 0pt 5.4pt; overflow: hidden; overflow-wrap: break-word;"><p style="text-align: center;"><span style="background-color: transparent;"><strong>PACED Decision Making Model</strong></span></p></td></tr></tbody></table><p></p>

PACED Decision Making Model


Problem

Alternatives

Criteria

Evaluate

Decision


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<p>Unintended Consequences</p>

Unintended Consequences

the unexpected results of an action or decision

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<p>Marginal Cost</p>

Marginal Cost

the money you spend to get ONE MORE unit of something

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<p>Marginal Benefit</p>

Marginal Benefit

The EXTRA SATISFACTION you get from one more unit of something

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<p>Diminishing Marginal Utility</p>

Diminishing Marginal Utility

as you get more of something, the extra satisfaction you get goes down