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22 Cards in this Set
- Front
- Back
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Value people place on a good or service |
Economic cost |
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Any tangible thing or function that has a measurable lifespan or produced by useful labor |
Economic goods/services |
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Goods provided freely by God in nature |
Free goods/services |
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Any tangible item that has a measurable lifespan |
Good |
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The condition of having unlimited wants and thus never being satisfied |
Insatiability |
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Nature of the product that makes it valuable |
Intrinsic value |
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The satisfaction a person receives from a choice |
Opportunity benefit |
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The satisfaction one gives up or regret ones experience for not choosing the desirable alternative |
Opportunity cost |
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The condition of a good Or service being finite or limited in quantity |
Scarcity |
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An intangible function produced by useful labor |
Service |
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The worth of a good or service determined by its usefulness to its buyer |
Subjective value |
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Something you need |
Utility |
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It tabulation of income and planned expenditures |
Budget |
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Expenses that do not rise or fall as the family's income increases in the short run |
Fixed expenses |
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Expenses that rise and fall as a family's income |
Variable expenses |
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Services that Baron negative economic cost (Garbage toxic waste things you pay to get rid of ) |
Nuisance good |
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Allows you to identify current spending patterns prevents conflicts With love once |
What are the Reasons to develop a budget |
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Bills |
Example of a fixed expense |
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Shoes |
Example of variable Expense |
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Food education housing income |
Name the categories of a budget |
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Insatiability versus scarcity |
What are 2 contradictory ideas That force us to make choices |
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Diamond water paradox |
Suppose you have to make a choice between 2 desirable activities? On what basis would you make your decisions ? |
