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chapter 18

TermDefinition
need something you have to have to survive
want something you would like to have
economics financial considerations
microeconomics the branch of economics dealing with particular aspects of an economy
macroeconomics the branch of economics dealing with the broad and general aspects of an economy
economic model simplified representation of the real world that economist develop to describe how the economy behaves and is expected to preform in the future
economic system nations way or producing things its people want and need
resource a source of supply, support, or aid, especially one that can be readily drawn upon when needed.
scarcity shortness of supply
trade off the exchange of one thing for another of more or less equal value, especially to effect a compromise.
opportunity cost the money or other benefits lost when pursuing a particular course of action instead of a mutually-exclusive alternative
marginal cost the cost of one additional unit of any item produced or bought in quantity
marginal benefit
cost benefit analysis economic model that compares the marginal costs and marginal benefits of a decision
Created by: jordanwoody1
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