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Chapter 18
| Term | Definition |
|---|---|
| Need | requirements for survival, such as food, clothing, and shelter |
| Want | a thing we would like to have, such as entertainment, vacations, or an item the makes life comfortable and enjoyable |
| Economics | the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants |
| Micro-economics | the economic behavior and decision-making by individuals and small businesses |
| Macro-economics | economic behavior and decision-making by government or whole industries or societies |
| Economic Model | simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future |
| Economic System | 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 alternative you face if you decide to 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 an action |
| Cost-Benefit Analysis | economic model that compares the marginal costs and marginal benefits of a decision |
Created by:
thaddeusbrown19
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