chapter18
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| need | requirements for survival , such as food,clothing,and shelter
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| want | a thig we would like to have, such as entertainment,vacations,or an item that makes
life comfortable and enjoyable
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| economics | the study of how individuals and nations make choices about ways to use scarce resources to fulfill their need and wants.
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| microeconomics | the economic behavior and decision-making by individuals and small business
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| macroeconomics | economic behavior and decision making by government or whole industries or societies
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| economic system | nations way of producing things its people want and need
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| resource | the money,people,and the materials available to accomplish a community goal
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| scarity | not having enough
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| trade-off | the alternative you face if you decide to do one thing rather than another
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| oppurtunity cost | 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 | the additional or extra opportunity cost associated with a action
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| marginal benefit | the additional or extra benefit associated with an action
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| cost-benefit analysis | economic model that compares the marginal cost and marginal benefits of a decision
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| economic model | simplified representation of the real world that economists develop to describe how the economy behaves amd os expected to perform in the future
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
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