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This is a list of 27 different terms in Chapter 18 and 19 of the Civics textbook

Economics The study of how we make decisions in a world in which resources are limited.
Microeconomics A field where economists study the behavior and decision making of small units such as individuals and businesses.
Economic System Way of producing the things its people want and need.
Resource The things used in making goods and providing services.
Scarcity It 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 A type of decision making where if the costs outweigh the benefits, we should reject the chosen option.
Macroeconomics A field where economists study with the economy as a whole by large units such as governments or whole industries.
Services Work performed for someone else.
Factors of Production Resources necessary to produce goods and services.
Capital The manufactured goods used to make other goods and services.
Entrepreneur An individual who starts a new business, introduces new products, and improves processes.
Gross Domestic Product(GDP) The total value in dollars, of all the final goods and services produced in a country during a single year.
Factor Market The markets where productive resources are bought and sold.
Product Market Markets where producers offer goods and services for sale.
Specialization Takes place when people, businesses, regions, or even countries concentrate on goods or services that they can produce better than anyone else
Economic Interdependence It means that we rely on others, and others rely on us, to provide goods and services.
Capitalism An economic system in which private citizens own and use the factors of production in order to seek a profit
Free enterprise Competition is allowed to flourish with a minimum of government interference
Consumer Sovereignty Describes the consumer as the ruler of the market and the one who determines what products will be produced.
Private Property Rights Rights that mean that we have the freedom to own and use and dispose of our own property, as long as it does not interfere with the rights of others.
Profit Motive The driving force that encourages individuals and organizations to improve their material well-being.
Voluntary exchange The act of buyers and sellers freely and willingly engaging in market transactions
Laissez-Faire Economics The government should not interfere in the marketplace
Created by: knight1030



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