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Chapter 18
| Term | Definition |
|---|---|
| Need | requirements for survival, such as food, clothing, 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 scare 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 |
| Economic system | nation's 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 benefit | the additional or extra opportunity cost associated with an action |
| Cost-benefits analysis | economic model that compares the marginal cost and marginal benefits of a decision |
| marginal cost | the additional or extra opportunity cost associated with an action |
Created by:
sierraellis
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