Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Chapter 18 Vocab
| Term | Definition |
|---|---|
| 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
Popular American Government sets