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
SS-Chapter 18 (1-2)
| Question | Answer |
|---|---|
| Economics | the study of how we make decisions in a world where resources are limited |
| Needs | things that are required for survival |
| Wants | things that we would like to have, but we do not require |
| Scarcity | not having enough resources to produce all the things we would like to have |
| Economic Models | simplified representations of the real world that are used to explain how the economy works, or to predict what would if something in the economy should change |
| 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 |
| Fixed Costs | costs, or expenses, that are the same no matter how many units of goods are produced |
| Variable Costs | expenses that change with the number of products produced |
| Total Costs | the fixed costs added to the variable costs |
| Marginal Cost | the extra, or additional, cost of producing one additional unit of output |
| Marginal Revenue | the change in total revenue (extra revenue) that results from selling one more unit of output |
| 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:
2016stamerh
Popular Agriculture sets