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Chapter Eighteen
| 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 economics develope to describe how the economy behaves and is expected to perform in the future |
| Economic System | nations 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 thing rather than another |
| marginal cost | the additional or extra opportunity cost associated with an action |
| cost - benefit | economic model that compares the marginal costs and marginal benefits of a decision |
| Marginal benefit | the additional or extra opportunity benefit associated with an action |
Created by:
taliahvargas
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