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key terms

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
show requirements for survival such as food, clothing, and shelter  
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show a thing we would like to have such as entertainment vacations or an item that makes life comfortable and enjoyable  
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economics   show
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microeconomics   show
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macroeconomics   show
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show simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future  
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economic system   show
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resourse   show
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show not having enough resources to produce all of the things we would like to have  
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trade-off   show
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show the cost of the next best alternative use of time and money when choosing to do one thing rather than another  
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marginal cost   show
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show the additional or extra benefit associated with an action  
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show economic model that compares the marginal benefits of a decision  
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