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Chapter 18

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 resources to fulfill their needs and wants
Microeconomics 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 describe how the economy behaves and is expected to perform in the future
Economic System Nation's way of producing things its people want and need
Resource The money, people, and materials available to accomplish a community's goal
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 if time and money when choosing to do one thing rather than another
Marginal Cost The addition or extra opportunity 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 marginal benefits of a decision
Created by: MHart531
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