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Chapter 18

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