Help
Options
Term
Need
click to flip
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't know
Term
Want
Remaining cards (13)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Chapter 18
| Term | Definition |
|---|---|
| Need | requirements for survival, such as food, clothing, 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 economics 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 |
| 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 benefit | the additional or extra opportunity cost associated with an action |
| Cost-benefits analysis | economic model that compares the marginal cost and marginal benefits of a decision |
| marginal cost | the additional or extra opportunity cost associated with an action |
Created by:
sierraellis
Popular Economics sets