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Chapter 18

TermDefinition
Needs requirements for survival,such as food , clothing and shelter
wants a thing we would like to have, such as entertainment, vacation, 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 economics 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 preform in the future.
economic system nations way of producing things its people want and need.
resources 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 then another.
marginal cost the additional or extra opportunity cost associated with an action
marginal benefits the additional or extra benefit associated with an action
cost-benefits analysis economic model that compares the marginal costs and marginal benefits of a decision.
Popular Economics sets

 

 



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