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K. Lerchie Vocab, 2

K. Lerchie's Midterm Vocabulary Continued

Economics TermsDefinitions
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
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