chapter 18 Word Scramble
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Term | Definition |
need | things that are required to survive |
want | things people would like to have to better there life |
economics | the study of how we make decisions in a world which resources are limited |
microeconomics | the smaller picture or taking a look at a persons economic standard |
macroeconomics | the big picture or looking at the big industries or governments economic standard |
economic modle | a theory that tries to explain human economic behavior |
economic system | a nations 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 make what we would like to have |
trade off | the alternative you face if you decide to do one thing instead of the other |
opportunity cost | the cost of the next best alternative use of money |
marginal cost | the additional opportunity cost associated with an action |
cost-benefit analysis | economic model that compares the marginal costs and marginal benefits of a decision |
marginal benefit | the additional benefit associated with an action |
Created by:
robertolulecaballero
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