chap 18 Word Scramble
|
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
Normal Size Small Size show me how
Term | Definition |
need | requirements for survival such as food clothing and water |
want | a thing we should like to have such as entertainment vacations or items that make life comfortable and enjoyable |
economics | the study of individuals and nations make choices about ways to use sources resources to fulfill their need and wants |
microeconomics | the economics behavoir and decision making by individuals and small business |
macroeconomics | economic behavior and decisions making by the government or a whole industry or society |
economics models | simplified representation of the real world that economist develop to describe how the the economy behaves and is expected to perform in the future |
economic systems | nations way of producing things in people want in need |
resource | wealth |
scarcity | not having enough resources of things you would like to have |
marginal cost | the additional or extra benefit associated with an action |
cost benefit analysis | economic models that compare the marginal cost and marginal benefit of a decison |
trade off | the alternative you face if you decide to do one thing rather then another |
opportunity cost | the cost of the next best alternative use of time ans money when choosing to do one thing rather the another |
marginal benefits | the additional or extra opportunity cost associated with an action |
Created by:
somonnemclean
Popular History sets