Chapter 18 Word Scramble
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Term | Definition |
Need | requirements for survival, such as food, clothing, and shelter |
Want | a thing we would like to have, such as entertainment, vacations, or an item that makes life comfortable and enjoyable |
Economics | the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants |
Microeconomics | the economic behavior and decision making by individuals and small businesses |
Macroeconomics | economic behavior and decision making by government or whole industries or societies |
Economic Model | simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future |
Economic System | nation's way of producing things its people want and need |
Resource | the money, people, and materials available to accomplish a community's goals |
Scarcity | not having enough resources to produce all of the things we would like to have |
Trade-off | the alternative you face if you decide to do one thing rather than another |
Opportunity Cost | the cost of the next best alternative use of time and money when choosing to do one thing rather than another |
Marginal Cost | the additional or extra opportunity cost associated with an action |
Marginal Benefit | the additional or extra benefit associated with an action |
Cost-benefit Analysis | economic model that compares the marginal costs and the marginal benefits of a decision |
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