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What are the differences between federal, unitary, and confederal systems? Make sure to give a definition and an example of each system. What are some advantages and disadvantages to each system? In weighing the advantages and disadvantages, which system seems to work best and which one seems to work worst? Explain.
Marginal Cost
The cost of producing one additional unit of a good or service, which can change depending on the level of production.
Costume Party
A social gathering where participants wear costumes and often engage in themed activities, not a term typically associated with economics.
Black Panther
A member of the Black Panther Party, a revolutionary black nationalist and socialist organization active in the United States from 1966 until 1982.
Opportunity Cost
Passing up on potential profits from a range of choices when one selection is made.
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