B2--content vocab #10 ch. 18

Question 0

Need

Answer 0

That are required for survival.

Question 1

18.1 content vocab

Answer 1

.

Question 2

Want

Answer 2

Things we would like to have.

Question 3

Economics

Answer 3

The study of how we make decisions in a world in which resources are limited.

Question 4

Microeconomic

Answer 4

Economists look at the small picture.

Question 5

Macroeconomics

Answer 5

Looks at the big picture.

Question 6

Economic model

Answer 6

A theory that tries to explain human economics .

Question 7

Economic system

Answer 7

Way of producing the things it’s people want and need.

Question 8

Resource

Answer 8

Are the rings used in making goods and providing service.

Question 9

Scarcity

Answer 9

Occurs when we do not have enough resources to produce all the things we would like to have.

Question 10

18.2 content vocab

Answer 10

.

Question 11

Trade-off

Answer 11

Is the alternative you face if you decide to do one thing rather than another .

Question 12

Opportunity cost

Answer 12

The cost of the next best use of your time or money when you choose to do one thing rather than another.

Question 13

Marginal cost

Answer 13

Is the additional cost of producing one additional unit of output.

Question 14

Marginal benefit

Answer 14

the additional satisfaction or benefit received when one more unit is produced.

Question 15

Cost-benefit analysis

Answer 15

A rational economic decision making tells us to choose an action when the benefits are greater than the costs.