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chapter 18 vocabular

Civics

QuestionAnswer
requirements for survival, such as food, clothing, and shelter Need
a thing we would like to have, such as entertainment, vacations, or an item that makes life comfortable and enjoyable Want
the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants Economics
the economic behavior and decision-making by individuals and small businesses Microeconomics
economic behavior and decision-making by government or whole industries or societies Macroeconomics
simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future Economic Model
nation's way of producing things its people want and need Economic System
the money, people, and materials available to accomplish a community's goals Resource
not having enough resources to produce all of the things we would like to have Scarcity
the alternative you face if you decide to do one thing rather than another Trade-Off
the cost of the next best alternative use of time and money when choosing to do one thing rather than another Opportunity Cost
the additional or extra opportunity cost associated with an action Marginal Cost
the additional or extra benefit associated with an action Marginal Benefit
economic model that compares the marginal benefits of a decision Cost-Benefit Analysis
Created by: whitneybutler
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