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Goods and services provided for free or at cheap prices.

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direct payments of money to eligible poor people.

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Government aid to the poor

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An income level below that which is needed to support families or households.

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An economic side effect of a good or service that generates benefits or costs to someone other than deciding how much to produce or consume. For example your making pencils, but at the same time destroying the forest around you to supply for it.

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A situation in which the market does not distribute resources efficiently.

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someone who would not choose to pay for a certain good or service , but would get the benefits of it anyway if it were provided as a public good.

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The part of the economy that involves the transactions of individuals and businesses.

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A period of macroeconomic expansion followed by a period of contraction. Macroeconomics examines major trends for the economy as a whole.

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The total value of all final goods and services produced in a particular economy.

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The concerns of the public as a whole.

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laws requiring companies to provide full information about their products.

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A private organization that tries to persuade public officials to act or vote according to group members' interests.

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The concept that people may decide what and when they want to buy and sell.

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The force that encourages people and organizations to improve their material well-being.

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To sell state run firms.

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An economic system characterized by a corporate ownership of capital goods. They are also determined in a free market

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property owned by individuals, not by government or public.

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The Doctrine that government generally should not intervene in the marketplace.

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characterized by a centrally planned economy with all economic and political power resting in the hands of the central government.

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A person who introduced their socialist philosophy in The Manifesto in 1848.

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A social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society.

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Economists use the term to describe the self-regulating nature of the marketplace.

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The struggle among producers for the dollars of consumers. And also if possible while lowering costs.

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An expectation that encourages people to behave in a certain way. Or to receive an award for doing something.

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one's own personal gain.

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A financial gain made in a transaction.

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market where households purchase the goods and services that firms produce

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firms purchase the factors of production from households.

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organization that uses resources to produce a product, which it then sells.

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person or group of people living in the same residence.

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The concentration of productive efforts of individuals and firms on a limited number of activities. An example would be a baker who specializes in making pastries.

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a mix of market based economies and centrally planned economies.

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central government that controls the economy.

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individually owned arrangement of buying and selling where those who specialize in something can sell their goods.

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an amount that has to be paid or spent to buy or obtain something.

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resources that are there but not being used, also it is indicated by any point inside the line

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Using all resources in a way that maximizes production of the good or service.

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A curve depicting all maximum output possibilities for two goods

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When you decide how much more or less to do. For example, you have a line that separates a piece of paper leaving a space for writing from extra space on the paper. You might use some of that extra space on the paper or you could leave it blank

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An example commonly used by Economists to explain how if a country were to produce more military goods (Guns) has fewer resources to devote to consumer goods (butter) and vice versa

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The alternatives that we give up whenever we choose one course of action over another. An example of this would be the idea of guns or butter.

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A temporary cancellation in production of goods or services at current prices such as the freshwater supply in Fiji.

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The process running and or making of a new business.

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a factor of production

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factor of production

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Land referring to all natural resources used to produce goods. Labor referring to the effort that a person is putting towards a task for which the person is paid. And Capital which is any human made resource that is used to produce other goods.

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Limited quantities of resources to meet unlimited wants such as oil.

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actions and activities that one person performs for another such as giving a haircut or serving food at a restaurant.

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a physical item that we want such as a hotdog.

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A desire for something but not required for survival for example a nice car.

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something essential or very important for survival.