click below
click below
Normal Size Small Size show me how
Civics Ch.18 voc
Question | Answer |
---|---|
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 scare resources to fulfill their needs and wants |
microeconomics | the economic behavior and decision-making by individuals and small businesses. |
macroeconomics | economics 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 preform in the future |
economic system | nations way of producing things its people want and need . |
resource | wealth |
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 then another |
marginal cost | the additional or extra opportunity cost associated with an action |
cost-benefit analysis | economic model that compares the marginal costs and marginal benefits of a decision |