Economic vs. free goods

Unit 2

Vocabulary 1 chlorinated water economic goods lead TO sth. cost be customary to do

sth.=commonly practised associate sth. WITH sth. value forgo=abstain from, give up v. identify n. identification IN relation TO sth.

identifiable opportunity cost the result OF sth. include sth. accounting cost out-of-pocket

=unbudgeted and paid for in cash

understate=to state that sth. too low

in economic terms free goods available

Vocabulary 2 sufficient=enough amount to satisfy demands true – truly surface be unfit FOR sth.= not to

be suitable for sth. except habitation=living raise-raised-raised rise-rose-risen fit into sth.

basically human resources encompass sth. specialised v. form labour entrepreneurship include sth. land technology abound (v.)=be plentiful BY definition

Vocabulary 3 apply sth. TO sth. apply sth. to do sth. chief executive assembly-line knowledge utilise=put into service comprise sth. regard sth. as

sth.=consider sth as sth IN general be comprised OF sth. invention

innovation hire sth./sbd. bookkeeper provide sth.=supply sth. information (Uncount.) develop information storage information retrieval while… fixed numerous=many

Vocabulary 4 grow-grew-grown therefore inevitably=impossible to

avoid incur costs v. pipe reservoir n. well costly