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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| needs | things that are required for survival, such as food, clothing, and shelter
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| wants | things we would like to have, such as entertainment, vacations, and other items that make life more comfortable and enjoyable
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| economics | the study of how we make decisions in a world in which resources are limited
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| microeconomics | when economists look at the small picture. They study the behavior and decision making of small units such as individuals and businesses.
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| macroeconomics | looks at the big picture; deals with the economy as a whole and decision making by large units such as governments 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 | a way of producing the things its people want and need
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| resources | the things used in making goods and providing services
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| scarcity | occurs whenever we do not have 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 than another
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| opportunity cost | 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 satisfaction 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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