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Chapter 18 Vocab.
| Term | Definition |
|---|---|
| Need | Things required for survival |
| Want | Things you would like to have |
| Economics | The study of how we make decisions in a world of limited resources |
| Microeconomics | The behavior and decisions of small institutions (individuals, businesses) |
| Macroeconomics | Deals with the economy as a whole. (government, societies, industries) |
| Economic model | A theory explaining economic behavior |
| Economic system | A way of producing things people want or need |
| Resources | Things used in making goods or providing sercives |
| Scarcity | A lack of resources |
| Trade off | Choosing one thing over another |
| Opportunity Cost | The cost of the next best use of your time or money when you choose to do one thing rather than another |
| Marginal cost | The additional cost of producing one additional unit of output |
| Cost Benefit Analysis | Used to decide if benefits outweigh costs |
| Marginal Benefit | The additional benefit received when one more unit is produced |
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patricialovett
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