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Chapter 18 Civics

TermDefinition
Need Requirments for survival, such as food, clothing, and shelter.
Want A thing we would like to have, sih 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 resources to fulfill their needs and wants.
Mircoeconomics 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 Model Simplified representation of the real world tat economists develop to describe how the economy behaves and is expected to preform in the future.
Economic System Nation's way of producing things its people want and need.
Resource 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 than another.
Marginal benefit Additional use that is derived from each unit acquired.
Cost-Benefit Analysis Economic model that compares the marginal costs and marginal benefits of a decison.
Marginal Cost The additional or extra oppurtunity cost associated with an action.
Created by: zacharyloso
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