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Chapter 18
Vocabulary
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 use scarce resource to fulfill their needs and wants |
microeconomics | o |
macroeconomics | |
economic model | |
economic system | |
scarcity | |
trade-off | |
opportunity cost | |
marginal cost | |
marginal benefit | |
cost-benefit analysis |