Civics and Economics chapter 18 definitions
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 | a thing we would like to have, such as entertainment, vacations, or an item that makes life comfortable and enjoyable
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| Economics | the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants
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| Microeconomics | the economic behavior and decision making by individuals and small businesses
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| Macroeconomics | economic behavior and decision making by government or whole industries or societies
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| 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
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| Economic System | nation's way of producing things its people want and need
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| Resource | the money, people, and materials available to accomplish a community's goals
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| Scarcity | not having enough resources to produce all of 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 alternative use of time and money when choosing to do one thing rather than another
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| Marginal Cost | the additional or extra opportunity cost associated with an action
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| Marginal Benefit | the additional or extra benefit associated with an action
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| Cost-benefit Analysis | economic model that compares the marginal costs and the marginal benefits of a decision
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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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