| A | B |
|---|
| Economics | The study of how we make decisions in a world of limited resources. |
| Microeconomics | Studying the economic decisions made by individuals and businesses. |
| Macroeconomics | Studying the economy as a whole and decisions made by larger units |
| Opportunity Cost | The cost of the next best alternative use of time or money when choosing to do one thing instead of another. |
| Resource | Something used to make something else. |
| Economic Model | Charts, graphs, or another representation used to help us make economic decisions. |
| Trade-Off | The alternative you face if you decide to do one thing rather than another. |
| Marginal Cost | The cost of producing one more of an item. |
