These will be the final words this chapter. Prepare for a test at the end of the week! Good luck! Practice, say them, and review them.
- Economists الاقتصاديون: person that studies economic systems
- choices الخيارات: options, alternatives
- trade-off المقايضة: a different option for something
- expertise الخبرة: something you’re great at
- opportunity cost تكلفة الفرصة البديلة: the cost of the 2nd best alternative use of money, time, or resources.
- maximum الحد الأقصى: most
- Production Possibilities Frontier (PPF): a graph that represents the maximum amount of goods and/or services an economy can produce when using all its good resources.
- output الناتج: products that are made
- economic model النموذج الاقتصادي: an easier way to read using graphs, charts, or drawings.
- constant ثابت: دائما: always
- solution الحل: الإجابة على مشكلة: answer to a problem
- free enterprise economy اقتصاد المؤسسات الحرة: economic system where private businesses have freedom to work for profit with limited government interference (like U.S.A.)
- profit الربح: the extra money that you make
- standard of living مستوى المعيشة: quality of life
