Chapter 18
What is Economics?
(p. 404-419)

	(407)1.	Food, clothing, and shelter are examples of_____________________________________.

	(407)2.	What occurs when we lack the resources to produce the things we want?

	(406)3.	Economics is sometimes called the science of_____________________________________.

	(411)4.	The _____________________________________ cost is what you cannot buy or do when choosing to do one thing rather than another.

	(412)5.	The added cost of producing one additional unit is the ________________________________ cost.

	(413)6.	A _________________________________________ requires you to compare the marginal costs and the marginal benefits of a decision.

	(417)7.	In a __________________________________ system, private citizens own most, if not all, of the means of production.

	(417)8.	______________________________ are rewards offered to try to get people to take certain economic actions.

	(406)9.	What is the study of how we make decisions in a world where resources are limited?

	(407)10.	_____________________________ are things we would like to have to make life more comfortable.

	(408)11.	Economists use _______________________________________________ to test solutions to questions for which there are no obvious or easy answers.

	(410)12.	When one thing is exchanged for the use of another, it is called a ________________________.

	(412)13.	The additional benefit associated with an action is the _______________________________ benefit.

	(416)14.	In a ___________________________________________, most economic decisions are made by individuals looking out for their own interests.

	(417)15.	A ______________________________________________ system allows businesses to compete for profit with a minimum of government interference.