Civics Today Chapter 18 Vocabulary

additional or extra opportunity cost associated with an action

• Economics

• Marginal Cost

• Opportunity Cost

• Cost

something that you would LIKE to have or makes life easier

• need

• trade off

• want

• marginal benefit

not having enough of a resource to produce all that we would like to have

• marginal cost

• need

• resourcesless

• scarcity

a nation's way of producing things its people want and need

• economic system

• economics

• economic model

• all of these

an additional or extra benefit associated with an action

• marginal cost

• marginal benefit

• cost benefit analysis

• macroeconomics

economic behaviors and decision making by government or whole industries or societies

• microeconomics

• macroeconomics

simplified representation of the real world that economists develop to describe how the economy is expected to perform in the future

• Economics

• Economic System

• Economical Benefit Model

• Economic Model

economic model that compares the marginal costs and marginal benefits of a decision

• cost benefit analysis

• microecnomics

• macroeconomics

• marginal cost

requirements for survival, such as food, water, and shelter

• resources

• wants

• needs

• none of these

the economic behavior and decision making by individuals and small businesses

• macroeconomics

• microeconomics