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|Requirements for survival, such as food, clothing, and shelter.
|Things we would like to have.
|The study of how we make decisions is a world in which resouces are limited.
|The economics behavior and decision-making by indiduals and small businesses.
|Economic behavior and decison-making by goverment or whole industries or societies.
|A theory that tries to explain human economic behavior.
|Way of producing the things its people want and need.
|The things used in making goods and providing services.
|Occurs whenever we do not hace enough resources to produce all the things we would like to have.
|The alternative you face if you decide to do one thing rather that 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 cost of producing one additional unit of output.
|The additional satisfation or benefit received when one more unit is produced.
|Economic model that compares the marginal costs and marginal benefits of a decision.