Chapter 18 CIVICS

something that you have to have to survive

• need

• want

• opportunity cost

• marginal cost

refer to our limited resources for unlimited wants

• scarcity

• need

• economics

• wants

cost that you pay when you choose to pick one item over another

• marginal cost

• Opportunity cost

• marginal revenue

• Incentives

synonym for economics

• decision making

• needs

• trade-off

• fixed costs

changeable costs based on how many items a company can produce

• variable costs

• economics

• incentives

• margin cost

extra cost you pay if you make one more item

• marginal costs

• opportunity costs

• incentives

• needs

private citizens own pretty much all the means of production

• Fixed costs-

• Marginal benefit

• Capitalist system

• economics

rewarded for certain actions that you may take

• incentives

• economics

• trade off

• rational choice

how we make certain decisions based on our limited resources

• economics

• incentives

• marginal revenue

• wants

things that you like but are not necessary for survival

• wants

• needs

• opportunity costs

• marginal revenue