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Chapter 18

TermDefinition
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 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 System Nations way of producing things its people want and need.
Resource Wealth
Sarcity 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.
Marginal Benefits The additional or extra benefit associated with an action.
Cost-Benefit Analysis Economic model that compares the marginal costs and marginal benefits of a decision.
Economic Model Simplified representation of the real world and economists develop to describe how the economy behaves and is expected to perform in the future.
Created by: keylireyes
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