Civics Today Unit 6 Vocabulary
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Created by:
ajrobitaille on April 2, 2012
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14 terms
Terms | Definitions |
|---|---|
 need | thing required for survival |
| want | thing we'd like to have |
| economics | study of how we make decisions in a world in which resources are limited |
| microeconomics | where people study individual's decision making and economic behavior |
| macroeconomics | where people study the government's and/or large group's decision making and economic behavior |
| economic model | theory that tries to explain human economic behavior |
| economic system | way of producing things that people want and need |
| resources | things used in making goods and providing services |
| scarcity | when there aren't enough resources to produce wants |
| trade-off | alternative you face if you decide to do one thing rather than another |
| opportunity cost | cost of the next best used of your time or money |
| marginal cost | additional cost of producing one additional unit of output |
| marginal benefit | additional satisfaction or benefit received when one more unit is produced |
| cost benefit analysis | comparing marginal cost and marginal benefit |
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