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Chapter 18-19
| Term | Definition |
|---|---|
| Economics | The study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants. (Pg. 499) |
| Microeconomics | The economic behavior and decision-making by individuals and small businesses. (Pg. 500) |
| Macroeconomics | Economic behavior and decision making by government or whole industries or societies. (Pg. 500) |
| Economic System | Nation's way of producing things its people want and need. (Pg. 500) |
| Resource | The money, people, and materials available to accomplish a community's goals. (Pg. 501) |
| Scarcity | Not having enough resources to produce all of the things we would like to have. (Pg. 501) |
| Trade-off | The alternative you face if you decide to do one thing rather than another. (Pg. 504) |
| Opportunity Cost | The cost of the next best alternative use of time and money when choosing to do one thing rather than another. (Pg. 505) |
| Marginal Cost | The additional or extra opportunity cost associated with an action. 507) |
| Marginal Benefit | The additional or extra benefit associated with an action. (Pg. 508) |
| Cost Benefit | Economic model that compares the marginal costs and marginal benefits of a decision. (Pg. 508) |
| Services | Work performed by a person or some else. (Pg. 517) |
| Factors of Production | Resources necessary to produce goods and services. (Pg. 517) |
| Capital | Previously manufactured goods used to make other goods and services. (Pg. 517) |
| Entrepreneur | Individual who starts a new business, introduces a new product, and improves a management technique. (Pg. 517) |
| Gross Domestic Product (GDP) | Total dollar value of all final goods and services produced in a country during a single year. (Pg. 518) |
| Factor Market | A market where productive resources are bought and sold. (Pg. 521) |
| Product Market | A market where producers offer goods and services for sale. (Pg. 522) |
| Specialization | When people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else. (Pg. 524) |
| Economic Interdependence | A reliance on others, as they rely on you, to provide goods and services to by consumed. (Pg. 525) |
| Capitalism | A system in which private citizens own most, if not all, of the means of production and decide how to use them within legislated limits. (Pg. 500, 528) |
| Free Enterprise | Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference. (Pg. 528) |
| Consumer Sovereignty | The role of consumer as the ruler of the market, determining what products will be produced. (Pg. 529) |
| Private Property Rights | The freedom to won and use our own property as we choose as long as we do not interfere with the rights of others. (Pg. 529) |
| Profit Motive | The driving force that encourages individuals and organizations to improve their material well-being. (Pg. 530) |
| Voluntary Exchange | The act of buyers and sellers freely and willingly engaging in market transactions. (Pg. 530) |
| Laissez-Faire Economics | Economic system where government should not interfere in the market place. (Pg. 531) |
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