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SS-Chapter 18 (1-2)

QuestionAnswer
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