The value of the item(good or service) you give up or forgo upon choosing another.
An activity performed to satisfy human wants, usually come in intangible forms.
An institution that facilitates exchange among buyers and sellers.
Market in which profit opportunity is eliminated almost instantaneously.
The study of how individual and societies choose to use the scarce resources that nature and previous generations have passed to them.
The study of behaviors of individual decision makers such as you in a particular market such as that for refrigerator, and their interrelationships.
Dedicates itself into the overall behavior and performance of an entire economy.
Given a certain condition, individuals try to minimize the expected cost for a benefit or maximize the expected benefit with a cost.
Costs that cannot be avoided for any nonzero units of products and that do not change regardless of the quantity of production.
The cost that is relevant to the quantity produced and that do not occur with a zero production.
An assertion about economic reality that can be supported or rejected by reference to the facts.
Economics reflecting opinions and values, judging whether the outcomes are good or bad.
A formal statement of a theory.
A measure that can change from time to time or from observation to observation.
One that produces what people want and does so at the lowest possible cost.
One that at least potentially makes some people better off without making others worse off.
An increase in the total output of an economy. That is usually when the society acquires new resources or when society learns to produce more with existing resources, its total output increases.
The condition in which national output is steady or growing, with low inflation and full employment of resources.
Specialization and free trade will benefit all trading parties, even when some are "absolutely" more efficient producers than others.
The problem that how exactly do large, complex societies answer the three basic questions presented in section 2.2., that what will be produced, how will it be produced, and in turn who will get the product.
An economy that is further determined by the resource ownership(who owns the resources and how owners are paid) and the extent to which the government attempts to coordinate the economic activities in that society.
The economic sector consisting of private individuals including households, independently owned firms that exist to make a profit and non-profit organizations.
Government and its agencies at all levels.
the part of the economy that deals with imports and exports.