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Payment in kind, or barter: exchange of goods or services for other goods or services with no medium of exchange.

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Direct transfers payments of money to eligible people. Cash transfers are usually provided by the state and federal government.

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Financial support given to those in need.

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An estimate of those in poverty within the country.

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The cost or benefit that affects a party who did not choose to incur that cost or benefit.

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when the market fails.

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when those who benefit from resources, goods, or services do not pay for them, which results in an under-provision of those goods or services.

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the part of the national economy that is not under direct government control.

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Series of economic expansion and contraction.

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Total value of goods produced and services provided in a country that year.

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When the public shows interest in a product.

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Laws put in place to notify the public aka disclose any info that may be harmful to them.

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Organized group that tries to encourage gov't to make rules and regulations to favor all.

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Motivation of firms to make moves to increase their profits.

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Private business operates in competition without state control.

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Buyers and sellers voluntarily participating in market transactions.

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Privately owned land.

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Hands free government, meaning regulations are placed on markets, but gov't can't intervene.

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Public properties, and everyone is paid and accounted for as they need.

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Founder of marxism, firm believer in socialism, everything shared among community.

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Production, Distribution, and Exchange should be managed as a community.

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The invisible hand that runs the flow of a market.

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A competitive business, usually specializing in the product you make.

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Reasoning behind doing something, either for getting a reward, or avoiding punishment.

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When the consumer considers buying a product they consider their self-interest.

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The amount of money made from the product.

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Marketplace where final product is sold and purchased by consumer.

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Refers to markets where factors of production are held (Labor

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The produces and sellers.

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The consumer.

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When a business specializes in a specific product.

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Ran by individuals as well as government. Laissez Faire.

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Economies ran entirely by the government, aka a Command Economy.

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A market that is "free" of government control. Ran by individuals.

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The cost of a lost opportunity.

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When resources are being under used, and the production curve is below the line.

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How hard you're working, or how "efficient" things are being produced.

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Production possibility frontier, shows maximum usage of production in business.

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"Think about your next step forward." Thinking of the future.

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A business that uses steel to make butter, can't use that steel to make guns.

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When a business transitions from making two items, to just one of those items.

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Having a minimal amount of an item for a period of time. Eventually can be produced again.

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Individuals use resources they control to run a business.

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Land, Labor, Capital, and entrepreneurship.

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Wants and Needs are unlimited whilst resources are limited.

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Tasks individuals get done to fulfill wants or needs (Haircut, Dental cleaning,etc)

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Something of value that available to fulfill wants.

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Something an individual wants, but does not require to live.

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Something that is necessary for an organism to live a healthy life.