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K. Lerchie Vocab, 2
K. Lerchie's Midterm Vocabulary Continued
| Economics Terms | Definitions |
|---|---|
| Fixed Costs | the costs in making a product that you can't change |
| Variable Costs | the costs in making a product that can change |
| Total Costs | fixed costs + variable costs |
| Average Costs | the average cost of a product |
| Marginal Costs | how much it would cost to make one more of the product |
| Socialism | the government taxes people heavily, but pays for public transportation, health care, education, etc. |
| Communism | from each according to his abilities to each according to his needs |
| Democratic Socialism | when people vote to raise taxes so that the government pays for more needs |
| Communist Manifesto | the bible of communism, written by Karl Marx |
| Proletariat | working-class people |
Created by:
hannah324
on 2007-12-17