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Chapter 18

Vocabulary

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 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
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