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an institution or mechanism that brings buyers and sellers into contact with each other

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Market system depends on competition among economic choice expertise in pursuit of a monetary return

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enables owners to employ or dispose of their property and money as they see fit. With this, workers can enter any line of work for which they are qualified. Consumers are able to buy whatever they want.

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Free enterprise is a type of economy where products, prices, and services are determined by the market, not the government. It's capitalism, not communism. Things that are free are unconstrained, and a business is an enterprise. So, free enterprise refers to an economy where businesses are free from government control.

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enables individuals and businesses to obtain, use, and dispose of property resources as they see fit

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resources are owned by private owners, use of markets and prices to coordinate and direct economic activity, moves in self- interest, laissez- faire, provides rules for/ and stabilizes the economy, modifies the distribution of wealth

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The Incident Command System (ICS) is a standardized approach to the command, control, and coordination of emergency response providing a common hierarchy within which respondents from multiple agencies can be effective.

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Optimum allocation refers to a method of sample allocation, used with stratified sampling. Optimum allocation is designed to provide the most precision for the least cost. Based on optimal allocation, the best sample size for stratum h is: nh = n * [ ( Nh * Sh ) / sqrt( ch ) ] / [ Σ ( Ni * Si ) / sqrt( ci ) ]

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a particular set of institutional arrangements and a coordinating mechanism . it has to determine what goods are produced, how they are produced, who gets, how to accommodate change, and how to promote technological progress.

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economics, rationale are the reasons or thought processes that impact economic decisions. The interest rate is one of the primary influences on economic rationale.

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when resources increase in quantity/ quality, it causes the ppc to shift outwards to its economic capacity, a larger total output

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as the production of a particular good increases, the opportunity cost of producing an additional unit rises

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Products that satisfies our want directly; industrial robots ,

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The economy is producing only two goods ,( Pizza and industrial

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The quality and quantity of the factors of production are fixed

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The economy is employing all of its available resources

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-combines the resources of land, labor, and capital
-makes business decisions to help enterprise
-innovates, takes risks by innovating

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all manufactured aids used introducing consumer goods and services , including all factories,storage,transportation etc.....

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for this concept, we use a table and a graph. The table lists out the different number of combinations of two products that can be produced with a specific set of resources, assuming full employment. Next comes the graph, or the production possibilities curve. This graph displays the different combination of goods and services that a society can produce in a fully employed economy, assuming a fixed availability of of supplies of resources and fixed technology.

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Land includes all natural resources used in the production production process

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Labor: physical and mental activities that help production of goods and services
ex. logger, retail clerk, machinist, football player, nuclear physicist

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the need to make choices because economic wants exceed economic means

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Focuses on facts and cause and effect relationships, it includes description, theory development, and theory testing

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a subjective  perspective of how the economy should be like by desirable aspects

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Examining the economy as a whole
AKA the government

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the loss of potential gain from other alternatives when one alternative is chosen.

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the part of economics concerned with decision making by individual customers, workers, households, and business firms. It's looking at the sand, rocks, and shells of the beach.

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comparisons of marginal benefits and marginal costs usually for decision making

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The satisfaction or gain that is derived from an activity and it relates to purpose behavior

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to obtain more of one thing, society forgoes the opportunity of getting the next best thing

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A social science concerned with how individuals , institutions and society make the best choices under condition under scarcity