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any situation where making one choice means losing something else, usually forgoing a benefit or opportunity.

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the change in total production cost that comes from making or producing one additional unit.

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

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a situation of not utilizing machines or resources to the fullest capacity or the production capacity.

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an economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

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an arrangement that allows buyers and sellers to exchange goods and services.

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a person or group of people living in a single residence.

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an organization that uses resources to produce goods and services, which it then sells.

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the concentration of the productive efforts of individuals on a limited number of activities.

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the right of a government or its agent to expropriate private property for public use, with payment of compensation.

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need the ability to exclude others from the uses and benefits of their property.

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the concept that people may decide what agreements they want to enter into.

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the act of buyers and sellers freely and willingly engaging in market transactions.

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advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

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favoring or enforcing strict obedience to authority, especially that of the government, at the expense of personal freedom.

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the transfer of a business, industry, or service from public to private ownership and control.

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an economic system in which prices are determined by unrestricted competition between privately owned businesses.

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an economic system combining private and public enterprise.

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a legal designation for the ownership of property by non-governmental legal entities.

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creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.