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chapter 18

chapter18

TermDefinition
need requirements for survival , such as food,clothing,and shelter
want a thig we would like to have, such as entertainment,vacations,or an item that makes life comfortable and enjoyable
economics the study of how individuals and nations make choices about ways to use scarce resources to fulfill their need and wants.
microeconomics the economic behavior and decision-making by individuals and small business
macroeconomics economic behavior and decision making by government or whole industries or societies
economic system nations way of producing things its people want and need
resource the money,people,and the materials available to accomplish a community goal
scarity not having enough
trade-off the alternative you face if you decide to do one thing rather than another
oppurtunity 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 a action
marginal benefit the additional or extra benefit associated with an action
cost-benefit analysis economic model that compares the marginal cost and marginal benefits of a decision
economic model simplified representation of the real world that economists develop to describe how the economy behaves amd os expected to perform in the future