Honors Introduction to Economics Vocabulary Application Vocab Bank 1. Economics 2. Scarcity 3. Shortage 4. Goods 5. Services 6. Consumer 7. Producer 8. Needs 9. Wants 10. Factors of Production 11. Cost-Benefit Analysis 12. Marginal Cost 13. Marginal Benefit 14. Opportunity Cost 15. Trade Off (Ctrl) 1. Billy has to decide between going to work and going to school. This is an example of 2. The cost of consuming one additional unit of a resource is defined as 3. If Billy decides to go to school his _ is not going to work. 4. Land, Labor, Capital and Entrepreneurship are all considered is an individual who purchases a good or a service from a producer. is a tangible product marketed by a producer. describes the additional benefit received from consuming an additional unit of a resource. 8. is a person, company, or country that makes, grows, or supplies goods or commodities for sale. 9. Susie can't decide whether she wants to attend ASU or U of A. In order. to maximize the gain from her decision she should complete a 10. A_ is a type of economic activity that is intangible, is not stored and does not result in ownership. 11. The basic economic problem of unlimited wants and limited resources can be described as_ 12. The study of helps us to better understand and analyze the decisions we make. 13. The limited availability of toilet paper at the grocery store during the Covid-19 Pandemic can be described as a 14. Food, water, and shelter are all considered Anything considered unnecessary for survival is a