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chapter 18
| Term | Definition |
|---|---|
| needs | things that are required for survival, such as food, clothing, and shelter |
| wants | things we would like to have, such as entertainment, vacations, and other items that make life more comfortable and enjoyable |
| economics | the study of how we make decisions in a world in which resources are limited |
| microeconomics | when economists look at the small picture. They study the behavior and decision making of small units such as individuals and businesses. |
| macroeconomics | looks at the big picture; deals with the economy as a whole and decision making by large units such as governments or whole industries or societies |
| economic model | a theory that tries to explain human economic behavior |
| economic system | a way of producing the things its people want and need |
| resources | the things used in making goods and providing services |
| scarcity | occurs whenever we do not have 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 than another |
| opportunity cost | 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 satisfaction 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:
ashlyndowler
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