Civics Vocab Word Scramble
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| Term | Definition |
| Needs | Requirements for survival, such as food, clothing, and shelter |
| Wants | Things we would like to have, such as entertainment, vacations, and items that make 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 study of the decision making of small units such as individuals and businesses |
| Macroeconomics | Looks at the economy as a whole and decision-making by large units such as governments or whole industries or societies. |
| Economic System | A countries way of producing the things its people want and needs. Its helps determine how basic economic decisions will be made. |
| 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. |
| Resource | The money, people, and materials available to accomplish a community’s goals (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 that another. |
| Marginal Benefit | The additional or extra benefit associated with an action |
| 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. |
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henryhunley
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