ch. 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 shelter |
want | a thing we would like to have, such as entertainment, vacations, or an item that makes life more comfortable and enjoyable |
economics | the study of how individuals and nations make choices about ways to use scarce resources to fulfill their wants and needs |
microeconomics | the economic behavior and decision-making by individuals and small businesses |
macroeconomics | economic behavior and decision making by government or whole industries or societies |
economic model | simplified representation of the real world that economists develop goods and services to be consumed |
economic system | nation's way of producing things its people want and need |
resource | the money, people, and materials available to accomplish a community's goals |
scarcity | not having enough resources to produce all of the things we would like to have |
trade-off | the alternative you face if you decide to do one thing rather than another |
opportunity cost | the cost of the nest best alternative use of time and money when choosing to do one thing rather than the other |
marginal benefit | the additional or extra benefit associated with an action |
cost-benefit analysis | economic model that compares the marginal costs and marginal benefits of a decision .f |
Created by:
roryhanner
Popular History sets