Founder of the Austrian School of economics; known for his work on value and his solution to the Diamond-Water Paradox.

The concept that you have to give up something when you make a choice.

A person who works to provide goods.

An economic system that advocates the building up of the state's treasury with the goal of accumulating as much gold as possible.

Economist known as the Father of Economics; known for his emphasis on the free market and the division of labor; The Wealth of Nations.

The idea that we are always thinking if one more will benefit us.

An intangible good produced by labor for which people expect to pay.

The establishment of colonies and extensive territories created to benefit the mother country.

French entrepreneur who was the first to produce quality gun powder in the U.S.; his company is still around today.

When we buy something because it is on sale and we think we are getting a bargin.

Theories which seek to show the relationships among the various components of an economy.

French economists who favored a "natural" or "laissez-faire" economy.

Known for Say's Law which in short is "supply creates its own demand."

Barter makes us better, and markets organize; but governments can sometimes improve and optimize.

The worth that consumers attach to a good.

The idea of separating work into individualized tasks.

His book Capitalism, Socialism, and Democracy is a prognosis of capitalism's future and a defense of capitalism.

If you print too much money, you get inflation; there's a trade-off between inflation and unemployment; and the richer the country, the more they produce.

The quantity of a good for sale at a certain price under certain conditions; the amount of a good that is produced.

Using the idea of having people working at the jobs they do best in the production of goods.