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chapter 18 vocabulary
STUDY!
8
Economics
7th Grade
05/03/2010

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Term
a system in which private citizens own most, if not all, of the means of production and decide how to use them within legislated limits.
Definition
Capitalism
Term
economic model that compares the marginal cost and marginal benefits of a decision
Definition
Cost-Benefit analysis
Term
simplified representation of the real world that economists develop to describe how the economy behaves abd is expected to perform in the future
Definition
Economic model
Term
the study of how individuals and nations make choices about waqys to use scarce resources to fulfill their needs and wants
Definition
Economics
Term
economic system in which individuals and buisnesses are allowed to compete for profit with a minimum of government interferance
Definition
Free Enterprise
Term
reward offered to try to persuade people to take certain economics actions
Definition
Incentive
Term
the additional or extra benefit associated with an action
Definition
marginal benefit
Term
the additional or extra opportunity cost with an action
Definition
marginal cost
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