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chapter 18
| 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 scarce resources to fulfill their needs and wants |
| microeconomics | the economic behavior and decision making by individuals and small businesses |
| macroecronomics | economic behavior and decision making by government or whole industries or socities |
| economic model | simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future |
| economic system | nations's way of producing things its people want and need |
| resource | wealth |
| scarcity | not having enough resources to produce all of 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 |
| marginal benefit | the additional or extra opportunity benefit associated with an action |
| cost-benefit analysis | economic model that compares the marginal costs and marginal benefits of a decision |
Created by:
chloythompson
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