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Ch 18 civic

QuestionAnswer
need requirement for survival,such as food,clothing,and shelter.
want a thing we would like to have,such as entertainment,vacation,or an item that make life comfortable and enjoyable.
economics the study of how individual and nations makes choices about ways to use scare resource to fulfill their needs and wants.
microeconomics economic behavior and decision making by government or whole industries or societies.
economic model simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future.
economic system nation way of producing thing its people want and need.
resource wealth
scarcity not having enough resources to produce all of the thing we would like to have.
trade off the alternative you face if you decide to do on thing rather than another.
opportunity cost the cost of the next best alternatives use of time and money when choosing to do one thing rather than another.
marginal cost the additional or extra opportunity cost associated with an action.
marginal benefit the additional or extra benefit associated with an action
cost benefit analysis economic model that compare the marginal benefit of a decision.
Created by: josehernandez
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