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Chapter 18

TermDefinition
Need Requirements for survival, such as food, clothing, and shelter.
Want Things you would want to have. Games
Economic The study of how people and a country use scarce resources.
Microeconomic The economic behavior and decision-making by individuals and small businesses.
Macroeconomic Economic behavior and decision making by government or whole industries or societies.
Economic Model Simplified representation of the real world that economics develop to describe how the economy behaves and is expected to preform in the future.
Economic System A nation's way of producing things its people want and need.
Resource The money, people, and materials available to accomplish a community's goals.
Scarcity Not having enough resources to produce all of the things we would like to have.
Trade-off The alternatives you face if you decide to do one thing rather than another.
Opportunity Cost The cost of the next best alternative use of time and money when choosing to do one thing rather than another.
Marginal Cost The additional or extra opportunity cost associated with an action.
Marginal Benefit The additional or extra benefit associated with and action.
Cost-Benefit Analysis Economic model that compares the marginal costs and marginal benefits of a decision.
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