The ability of an individual, firm, or country to produce more of a good or service than competitors using the same amount of resources.
A model that illustrates how participants in markets are linked.
The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers.
The ability of the economy to produce increasing quantities of goods and services.
Someone who operates a business, bringing together the factors of production - labor, capital, and natural resources - to produce goods and services.
Markets for the factors of production, such as labor, capital, natural resources, and entrepreneurial ability.
A market with few government restrictions on how a good or service can be produced or sold or how a factor of production can be employed.
A group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.
The highest-valued alternative that must be given up to engage in an activity.
Markets for goods - such as computers - and services - such as medical treatment
Production possibilities frontier
A curve showing the maximum attainable combinations of two products that may be produced with available resources.
The rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.
The situation in which unlimited wants exceed the limited resources available to fulfill those wants.
The act of buying or selling.