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Civics Chapter 18

chapter 18 stack

QuestionAnswer
Need Requirement fir 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 comfortable and enjoyable
Economics The study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants
Macroeconomics Economic behavior and decision making by government or whole industries or societies
Microeconomics The economic behavior and decision-making by individuals and small businesses
Economic model Simplified representation of the real world that economists develop to describe how the economy behaves and is expected to preform in the future
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 goal / Wealth
Scarcity
Created by: James love
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