Chapter 18
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| NEED | Requirements for survival, such as food, clothing, and shelter.
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| WANT | Things we would like to have.
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| ECONOMICS | The study of how we make decisions is a world in which resouces are limited.
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| MICROECONOMICS | The economics behavior and decision-making by indiduals and small businesses.
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| MACROECONOMICS | Economic behavior and decison-making by goverment or whole industries or societies.
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| ECONOMIC MODEL | A theory that tries to explain human economic behavior.
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| ECONOMIC SYSTEM | Way of producing the things its people want and need.
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| RESOURCE | The things used in making goods and providing services.
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| SCARCITY | Occurs whenever we do not hace enough resources to produce all the things we would like to have.
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| TRADE-OFF | The alternative you face if you decide to do one thing rather that another.
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| OPPORTUNITY | The cost of the next best use of your time or money when you choose to do one thing rather than another.
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| MARGINAL COST | The additional cost of producing one additional unit of output.
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| MARGINAL BENEFIT | The additional satisfation or benefit received when one more unit is produced.
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| COST-BENEFIT ANALYSIS | Economic model that compares the marginal costs and marginal benefits of a decision.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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