Busy. Please wait.

Forgot Password?

Don't have an account?  Sign up 

show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.

By signing up, I agree to StudyStack's Terms of Service and Privacy Policy.

Already a StudyStack user? Log In

Reset Password
Enter the email address associated with your account, and we'll email you a link to reset your password.

Remove ads
Don't know (0)
Know (0)
remaining cards (0)
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

chapter 18

need things that are required to survive
want things people would like to have to better there life
economics the study of how we make decisions in a world which resources are limited
microeconomics the smaller picture or taking a look at a persons economic standard
macroeconomics the big picture or looking at the big industries or governments economic standard
economic modle a theory that tries to explain human economic behavior
economic system a nations way of producing things its people want and need
resource the money, people, and materials available to accomplish a community's goal
scarcity not having enough resources to make what we would like to have
trade off the alternative you face if you decide to do one thing instead of the other
opportunity cost the cost of the next best alternative use of money
marginal cost the additional opportunity cost associated with an action
cost-benefit analysis economic model that compares the marginal costs and marginal benefits of a decision
marginal benefit the additional benefit associated with an action