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chapter 18

TermDefinition
need things that are required to survive
want things people would like to have to better there life
economics the study of how we make decisions in a world which resources are limited
microeconomics the smaller picture or taking a look at a persons economic standard
macroeconomics the big picture or looking at the big industries or governments economic standard
economic modle a theory that tries to explain human economic behavior
economic system a nations way of producing things its people want and need
resource the money, people, and materials available to accomplish a community's goal
scarcity not having enough resources to make what we would like to have
trade off the alternative you face if you decide to do one thing instead of the other
opportunity cost the cost of the next best alternative use of money
marginal cost the additional opportunity cost associated with an action
cost-benefit analysis economic model that compares the marginal costs and marginal benefits of a decision
marginal benefit the additional benefit associated with an action
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