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Civics Vocab

TermDefinition
Needs Requirements for survival, such as food, clothing, and shelter
Wants Things we would like to have, such as entertainment, vacations, and items that make 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 study of the decision making of small units such as individuals and businesses
Macroeconomics Looks at the economy as a whole and decision-making by large units such as governments or whole industries or societies.
Economic System A countries way of producing the things its people want and needs. Its helps determine how basic economic decisions will be made.
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.
Resource The money, people, and materials available to accomplish a community’s goals (wealth)
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 that another.
Marginal Benefit The additional or extra benefit associated with an action
Marginal Cost The additional or extra opportunity cost associated with an action
Cost-Benefit Analysis Economic model that compares the marginal costs and marginal benefits of a decision.
Created by: henryhunley