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the act of giving up one benefit in order to gain another, greater benefit

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the most desirable alternative given up as the result of a decision

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a graph that shows alternate ways to use a country's productive resources.

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an economic system in which decisions on the three key economic questions are based on voluntary exchange in markets

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an organization that uses resources to produce a product or service, which it then sells

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the arena of exchange in which households purchase goods and services from firms

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the hope of reward or fear of penalty that encourages a person to behave in a certain way

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he power of consumers to decide what gets produced

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the incentive that drives individuals and business owners to improve their material well-being

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the principle that people may decide what, when, and how they want to buy and sell

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the principle that people have the right to control their possessions and use them as they wish

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an economic system in which the government makes all decisions on the three key economic questions

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a range of economic and political systems based on the belief that wealth should be distributed evenly throughout a society

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a political system in which the government owns and controls all resources and means of production and makes all economic decisions

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he doctrine that government generally should not intervene in the marketplace

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property that is owned by individuals or companies, not by the government or the people as a whole

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a period of change in which a nation moves from one economic system to another

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any arrangement that allows buyers and sellers to exchange things

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the concentration of the productive efforts of individuals and businesses on a limited number of activities

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a person or group of people living in a single residence

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an individual’s own personal gain