class work

1. monetary value of a product as established by supply and demand
2. Seen today as the father of Capitalism and GOAT of Economics.
5. The study of the economy as a whole
9. a little more, or a little less
11. information One party to a transaction has more information than the other party does
13. the study of how society manages its scarce resources who what when where why how.
15. the extra benefit of adding one unit
17. something new
18. Complete control of a product or business by one person or group
19. costs that have already been incurred and cannot be recovered

1. you can create a product without having to get permission of the government
3. we are reluctant to waste something we have paid for
4. the law applies to everyone, even those who govern
6. something that induces a person to act
7. graph showing growth of US economy after Industrial Revolution
8. Adam Smith's term used to describe the self-regulating nature of the marketplace
10. study of how households and firms make decisions and how they interact in markets
12. the cost of producing one more unit of a good
14. the value of your second-best choice
16. A security pledged for the repayment of a loan