Chapter 8 Vocabulary Flashcards
1
Q
economics
A
the study of how people get the goods and services they need and want
2
Q
negative incentive
A
something that makes you not want to do something
3
Q
positive incentive
A
something that makes you want to do something
4
Q
productive resources
A
the three types of resources that come together to make goods and services: natural resources, capital resources, and human resources
5
Q
decision
A
a choice or judgment about something; the act of making up one’s mind
6
Q
opportunity cost
A
the cost or value of what you give up when you choose one thing over another
7
Q
trade-off
A
choosing one thing over anther or trading one thing for another
