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. |
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| economic model that compares the marginal cost and marginal benefits of a decision |
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| simplified representation of the real world that economists develop to describe how the economy behaves abd is expected to perform in the future |
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| the study of how individuals and nations make choices about waqys to use scarce resources to fulfill their needs and wants |
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| economic system in which individuals and buisnesses are allowed to compete for profit with a minimum of government interferance |
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| reward offered to try to persuade people to take certain economics actions |
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| the additional or extra benefit associated with an action |
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| the additional or extra opportunity cost with an action |
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