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Chapter 18 Vocab

What is Economics

TermDefinition
Needs A requirement for survival
Wants A thing we would like to have but is not necessary to life
Economics The study of how a nation or individual makes decisions dealing with their resources
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 Model Simplified representation of the real world that economists develop to show how the economy behaives
Economic System A nations way of producing things it's people want or need
Resources Wealth
Scarcity Not having enough resources to produce all the things a nation wants
Trade-off The alternative you face if you choose one thing over the other
Opportunity Cost The cost of the next best alternative
Marginal Cost The additional or extra 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 benefits of a decision
Created by: alecperrell
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