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In-kind benefits are paid or given goods, commodities, or services instead of money.

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

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Economic welfare is the level of prosperity and standard of living of either an individual or a group of persons. In economics, it  refers to utility gained through the achievement of material goods and services.

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The poverty threshold, poverty limit or poverty line is the minimum level of income deemed adequate in a particular country.

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Externalities are a major cause of market failures and occur in almost every market and have clear effects on producers and consumers.

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Market failure is when the price mechanism leads to an inefficient allocation of resources and a deadweight loss of economic welfare. An example is when supplies are less than demands.

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Free rider problem occurs 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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Private sector is the part of the national economy that is not under direct government control.

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Business cycles is a cycle or series of cycles of economic expansion and contraction.

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Gross domestic product is the total value of goods produced and services provided in a country during one year.

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Public interest is the welfare or well-being of the general public, health programs that directly affect the public interest, and the appeal or relevance to the general populace.

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Public disclosures are any non-confidential communication which an inventor or invention owner makes available to one or more members of the public.

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Interest groups are any association of individuals or organizations, usually formally organized, that, on the basis of one or more shared concerns, attempts to influence public policy in its favor.

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Voluntary Exchanges is the act of buyers and sellers freely and willingly engaging in market transactions. Transactions are made in such a way that both the buyer and the seller are better off after the exchange than before it occurred

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Profit motive  is the motivation of firms that operate so as to maximize their profits. Mainstream microeconomic theory states that the ultimate goal of a business is to make money. The reason for a business's existence is to turn a profit.

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

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Free enterprise is an economic system in which private business operates in competition and largely free of state control.

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Private property is a legal designation for the ownership of property by non-governmental legal entities. So you can not go in the property unless owner allows it.

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Laissez Faire is where the government is hands off. This is a policy of letting things take their own course without interference.

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Communism is centrally planned government with all government and economic decisions and power in the hands of the central government. Usually can only be achieved after a violent revolution.

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Karl Marx was an economist. His primary contribution to economics was a new framework that described economics as a struggle for power between different classes.

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Socialism is the political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole

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The invisible hand is the unobservable market force that helps the demand and supply of goods in a free market to reach equilibrium automatically

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Competition is rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix such as price, product, distribution, and promotion

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Incentive is a benefit, reward, or cost that motivates an economic action.

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Self-interest is actions that elicit the most personal benefit. The best economic benefit for all can usually be accomplished when individuals act in their own self-interest.

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Profit is the financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something

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Product market is the marketplace in which final goods or services are offered for purchase by consumers, businesses, and the public sector. It focusing on the sale of finished goods, it does not include trading in raw or other intermediate materials.

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Are the markets where business acquire the factors of production such as land, labor, and capital. When you are looking for a job, you are in the factor market.

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Business that uses resources to produce a product. Firms perchance land or resources and hire workers, the money flows from the firm to household.

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A household is a person or group living in the same residence. Goods and services are produced by firms and purchased by households. Money flows from household to firm.

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is when a nation or individual concentrates its productive efforts on producing a limited variety of goods. One product over another.

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All modern economies are said to be a mixture of market forces and government intervention.

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The government rather than individual producers and consumers, answer the economic questions. Government owns land and capital, government decides what people are paid, and opposed to private property.

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Is a form of market economy where prices for goods and services are freely set between sellers and buyers by consent.

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The opportunity cost is that when which we give up when we make a choice or decision. If we choose one thing, then the other thing that we didn't choose is the opportunity cost.

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Using fewer resources than an economy is capable of using, or when a product is not being used enough or not used to full potential.

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Efficiency is when every resource is created to serve each individual in the best way while minimizing waste and inefficiency

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Frontier is a curve depicting all maximum output possibilities for two goods, given a set of inputs consisting of resources and other factors.

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When you decide how much more or less you do, you are thinking at the margin. You would think about options, benefits, and opportunity cost.

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Is the idea that if steel is being used to make guns, it cant be used to make dairy equipment needed to make butter.

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Trade-offs are all the alternatives we give up whenever we choose one course of action over another.

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Shortage is when producers cant offer goods/ services at the current price.

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Entrepreneurs combine land, labor, and capital to create new goods and services .

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Factors of production are all the resources used to make all goods and services. The three categories are land, labor, and capital.

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Scarcity is the idea that there are unlimited needs and wants, but there are limited resources.

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We categories needs and wants by goods and services. Services are actions or activities such as haircuts, tutoring, and dental cleaning.

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we categories needs and wants by goods and services. Goods are physical items such as shirts, shoes, and PS4s

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Wants are desired items that have value to us and they are things that we n

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The things we need to survive. Some examples would include food, water, and shelter.