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chapter 18
content vocalbulary
| Term | Definition |
|---|---|
| need | requirement 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 more comfortable and enjoyable |
| economics | the study of how individuals and nations make choices about ways to use scarce resources to fulfill their wants and needs |
| microeconomics | the economic behavior and decision making by individuals and small businesses |
| macroeconomics | the 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 economy behaves and is expected to preform in the future |
| economic system | nations way of producing things its people want and need |
| resource | the money people and materials available to accomplish a communities 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 cost | the additional or extra opportunity cost associated with an action |
| marginal benefit | 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 |
Created by:
ColeGillespie
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