Civics Vocab 😴📘✏

Front 1

WANT

Back 1

Wants are desires that people have that can be met by getting a product or a service.

Front 2

ECONOMICS

Back 2

Economics is the study of how people choose to use their limited resources to satisfy their unlimited wants.

Front 3

RESOURCES

Back 3

Resources are all the things that can be used in making products or services that people want.

Front 4

SCARCITY

Back 4

Scarcity occurs whenever we do not have enough resources to produce all of the things we would like to have.

Front 5

INDIVIDUALS

Back 5

Just as individuals make economic choices, so do entire countries.

Front 6

SOCIETIES

Back 6

Societies have different ways of distributing goods.

Front 7

ECONOMIC SYSTEMS

Back 7

Each country has its own economic system, or way of producing the things people need and want.

Front 8

TRADITIONAL ECONOMY

Back 8

In a traditional economy, the economic questions are answered on the basis of habit or custom, or the way things have always been done.

Front 9

MARKET ECONOMY

Back 9

In a market economy, individuals and businesses own the resources used to produce goods and services.

Front 10

COMMAND ECONOMY

Back 10

In a command economy, planners who work for the government answer the economic questions.

Front 11

MIXED MARKET ECONOMY

Back 11

Because our economy has some elements of all three types of economies (traditional, market, and command), the United States has a mixed market economy.

Front 12

TRADE-OFF

Back 12

Making a trade-off is giving up one alternative good or service for another. If you choose to buy a pair of running shoes, you are exchanging your money for the opportunity to own the running shoes rather than something else that might cost the same amoun

Front 13

OPTION

Back 13

When faced with a trade-off, people eventually choose one option, or alternative, over all others.

Front 14

OPPORTUNITY COST

Back 14

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

Front 15

FIXED COSTS

Back 15

Fixed costs are expenses that do not change no matter how much a business produces.

Front 16

VARIES

Back 16

Another kind of cost varies, or changes, depending on how much a business produces.

Front 17

VARIABLE COSTS

Back 17

Another kind of cost varies, or changes, depending on how much a business produces. These expenses are variable costs.

Front 18

TOTAL COST

Back 18

Joe could combine both fixed and variable costs to find his total cost.

Front 19

MARGINAL COST

Back 19

They look at their marginal cost, which is the increase in expenses caused by producing another unit of something.

Front 20

REVENUES

Back 20

Different Types of Revenues Joe’s revenue—the money a business receives from selling its goods or services—is the sum of all the money Joe receives from his customers. However, when it comes to making business decisions, another type of revenue is more useful to consider.

Front 21

MARGINAL REVENUE

Back 21

Marginal revenue is the additional income received from each increase of one unit in sales.

Front 22

BENEFIT-COST ANALYSIS

Back 22

Benefit-cost analysis compares the size of the benefit with the size of the cost by dividing the two.