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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 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 needs and wants |
| Microeconomics | The economic behavior and decision-making by individuals and small businesses |
| Macroeconomics | 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 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 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:
alanaguilarbarcenas9
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