Things essential for survival

The “people” efforts used to produce goods and services

In a completely free market, the market will regulate itself and automatically satisfy the needs of everyone therefore the Government does not need to be involved.

The market determines the price and quantity based on these two things.

When individuals/companies focus on one task to become the best

This exists because resources are limited but our needs and wants are unlimited

The most basic of your scarce resources

Where Government controls all aspects of the economy.

This is where households demand goods/services and firms supply them.

This the part of the economy not under direct government control.

Anything that people use to make things or to do work

Gifts of Nature that come from the earth

When individuals own and control factors of production.

A model that illustrates the flow of resources and products

This allows the government to take your private property away for public use

A study of how people and nations choose to use their limited resources to satisfy unlimited needs and wants.

a resource that cannot renew itself fast enough to keep up with the consumption rate

Where Government controls critical industries (healthcare, education, etc) but still allows personal freedoms to own property, run businesses and make profits.

The value of the item you did not chose

The measure of the maximum combination of goods and services that can be achieved from a given number of inputs.

The basic economic problem.

All the human creations used to produce goods and services such as infrastructure and equipment.

A system where the freedom of the individual takes priority over the stability of the society.

This is a cost you've already incurred and can't get back, no matter what your decision is.

The ability and willingness to buy things at a given price.