scarcity
economics
economic model
a simplified version of reality used to analyze real-world economic situations
market
Marginal analysis
trade-off
opportunity cost
command economy
an economy in which the government decides how economic resources will be allocated
market economy
mixed economy
voluntary exchange
equity
the fair distribution of economic benefits
economic variable
positive analysis
analysis concerned with what is
normative analysis
microeconomics
macroeconomics
a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.
economic growth
trade
absolute advantage
comparative advantage
factors of production
free market
property rights
land
labor
capital
entrepreneur
traditional economy
law of diminishing marginal utility
capitalism
socialism
efficiency
direct costs
explicit costs
indirect costs
implicit costs
marginal benefit
marginal cost
eminent domain
gains from trade
specialization