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Chapter 18 Vocab

Need things that are required for survival, such as food, clothing, and shelter
Want things we would like to have, such as entertainment, vacations, and other items that make life more comfortable and enjoyable
Economics the study of how we make decisions in a world in which resources are limited
Microeconomics when economists look at the small picture. They study the behavior and decision making of small units such as individuals and businesses.
Macroeconomics looks at the big picture; deals with the economy as a whole and decision making by large units such as governments or whole industries or societies
Economic model a theory that tries to explain human economic behavior
Economic system a way of producing the things its people want and need
Resource the things used in making goods and providing services
Scarcity occurs whenever we do not have enough resources to produce all 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 use of your time or money when you choose to do one thing rather than another
Marginal cost the additional cost of producing one additional unit of output
Marginal benefit the additional satisfaction or benefit received when one more unit is produced
Cost-benefit analysis economic model that compares the marginal costs and marginal benefits of a decision
Created by: maiyahd