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chap 18

need requirements for survival such as food clothing and water
want a thing we should like to have such as entertainment vacations or items that make life comfortable and enjoyable
economics the study of individuals and nations make choices about ways to use sources resources to fulfill their need and wants
microeconomics the economics behavoir and decision making by individuals and small business
macroeconomics economic behavior and decisions making by the government or a whole industry or society
economics models simplified representation of the real world that economist develop to describe how the the economy behaves and is expected to perform in the future
economic systems nations way of producing things in people want in need
resource wealth
scarcity not having enough resources of things you would like to have
marginal cost the additional or extra benefit associated with an action
cost benefit analysis economic models that compare the marginal cost and marginal benefit of a decison
trade off the alternative you face if you decide to do one thing rather then another
opportunity cost the cost of the next best alternative use of time ans money when choosing to do one thing rather the another
marginal benefits the additional or extra opportunity cost associated with an action
Created by: somonnemclean