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civics chapter 18
|things that are required to have like food, clothing and shelter.
|things we would like to have like entertainment.
|the study of how we make decisions in a world in which resources are limited.
|the study of behavior and decision making of small units such as individuals and businesses. (little picture)
|deals with economy as a whole and decision making by large units such as governments or whole industries or societies(big picture)
|is a theory that tries to explain human economic behavior.
|way of producing the things its people want and need.
|things used in making goods and providing services.
|occurs whenever we do not have enough resources to produce all the things we would like to have.
|is the alternative you face if you decide to do one thing rather than another.
|the cost of the next best use of your time or money when you choose to do one thing rather than another.
|the additional satisfaction or benefit received when one more unit.
|economic model that compares the marginal costs and marginal benefits of a decision.
|the additional cost of producing one additional unit of output.