Economics Ch. 1 and 2 Test Vocab Review

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situation that exists when there are not enough resources to meet human wants

the study of behavior of individuals in an economy (individuals, families, businesses)

graph used to illustrate the impact of scarcity on an economy

the study of the behavior of the economy as a whole; large scale economics

the additional cost of producing or using one more unit of a good or service

the benefit or satisfaction gained from using one more unit of a good or service

the study of how individuals and societies satisfy their unlimited wants with limited resources

the practice of examining the costs and the expected benefits of a choice as an aid to decision making