| A | B |
|---|
| Public property | good owned by government |
| incentive | motivates a person to do something |
| total revenue | the price of a good times the number of units the good sold |
| ethics | principles of right and wrong |
| private good | benefits denied to anyone except the owner |
| household | economic unit that sells resources and buys goods andservices |
| contract | agreement between people to do something |
| profit | amount of moner left over after all the costs of production have been paid |
| freeriders | people who get benefits of a good without paying for it |
| public good | good or product whose benefits are for all people |
| loss | total cost is greater that total revenue |
| private property | any good that is owned by an individual or a business |
| total cost | average cost of a good, times the number of units the good sold |
