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  • 1. Civics and Economics VocabularyChapter 18 - Section OneNeed- required for survivalSimilarity/Difference:Sentence:Want- things we would like to haveSimilarity/Difference:Sentence:Economics- the study of how we make decisions in a world in which resources arelimitedSimilarity/Difference:Sentence:Microeconomics- economists look at the small pictureSimilarity/Difference:Sentence:Macroeconomics- looks at the big pictureSimilarity/Difference:Sentence:Economic Model- a theory that tries to explain human economic behaviorSimilarity/Difference:Sentence:Economic System-way of producing the things its people want and needSimilarity/Difference:Sentence:Resource- things used in making goods and providing servicesSimilarity/Difference:Sentence:Scarcity- occurs whenever we do not have enough resources to produce all the thingswe would like to haveSimilarity/Difference:Sentence:Chapter 18 - Section 2Trade-Off- the alternative you face if you decide to do one thing rather than anotherSimilarity/Difference:Sentence:Tara Pawlyk Friday, May 17, 2013 8:19:47 AM ET 04:0c:ce:d3:10:88
  • 2. Opportunity Cost- cost of the next best use of your time or money when you choose todo one thing rather than anotherSimilarity/Difference:Sentence:Marginal Cost- the additional cost of producing one additional unit of outputSimilarity/Difference:Sentence:Marginal Benefit- the additional satisfaction or benefit received when one more unit isproducedSimilarity/Difference:Sentence:Cost-benefit Analysis- comparing the marginal benefits against the marginal costsSimilarity/Difference:Sentence:Tara Pawlyk Friday, May 17, 2013 8:19:47 AM ET 04:0c:ce:d3:10:88