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civics chapter 18

need things that are required to have like food, clothing and shelter.
want things we would like to have like entertainment.
economics the study of how we make decisions in a world in which resources are limited.
microeconomics the study of behavior and decision making of small units such as individuals and businesses. (little picture)
macroeconomics deals with economy as a whole and decision making by large units such as governments or whole industries or societies(big picture)
economic model is a theory that tries to explain human economic behavior.
economics system way of producing the things its people want and need.
resource things used in making goods and providing services.
scarcity occurs whenever we do not have enough resources to produce all the things we would like to have.
trade-off is the alternative you face if you decide to do one thing rather than another.
oppportunity cost the cost of the next best use of your time or money when you choose to do one thing rather than another.
marginal benefit the additional satisfaction or benefit received when one more unit.
cost-benefit analysis economic model that compares the marginal costs and marginal benefits of a decision.
marginal cost the additional cost of producing one additional unit of output.
Created by: cierreadouglas