No
yes
Citizenship exam
authoritarian
extremist
Children’s online privacy act
Internet
The study of how we make decisions in a world where resources are limited
Lacking the resources to provide the things we want
Needs
One thing is exchanged for the use of another
opportunity
Expenses that increase as production grows
Total cost
Marginal cost
Cost-benefit analysis
The change in total revenue that results from selling one more unit of output
Market economy
Rewards offered to try to get people to take certain economic actions
products
A country’s ability to produce a good at a lower opportunity cost.
Customs duty or a tax on imported goods
quota
NAFTA
Currency can lose value
The value of the products imported is larger than the products exported
The difference between the value of a nation’s imports and exports
A system in which private citizens own the factors of production
All property is held in common
The means of production should be owned by a society
Combines pure markets and command economies
traditional