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exchange of goods or services for other goods or services with no medium of exchange. Income in kind: in particular. Benefit in kind: employee benefits such as a company car or gym membership

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consists of the payment of currency or transferable deposit by one unit to another without any counterpart

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

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the original version of the federal poverty measure. They are updated each year by the Census Bureau. The thresholds are used mainly for statistical purposes — for instance, preparing estimates of the number of Americans in poverty each year

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the cost or benefit that affects a party who did not choose to incur that cost or benefit. Economists often urge governments to adopt policies that "internalize" an externality, so that costs and benefits will affect mainly parties who choose to incur them

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a situation in which the allocation of goods and services is not efficient. That is, there exists another conceivable outcome where an individual may be made better-off without making someone else worse-off

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a problem that 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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the part of a country's economic system that is run by individuals and companies, rather than the government. Most private sector organizations are run with the intention of making profit. The segment of the economy under control of the government is known as the public sector

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the fluctuation in economic activity that an economy experiences over a period of time. A business cycle is basically defined in terms of periods of expansion or recession

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the total value of goods produced and services provided in a country during one year

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a common concern among citizens in the management and affairs of local, state, and national government. It does not mean mere curiosity but is a broad term that refers to the body politic and the public weal

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refers to the act of making information or data readily accessible and available to all interested individuals and institutions

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an organized group that tries to influence the government to adopt certain policies or measures. Also called pressure group

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

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the act of buyers and sellers freely and willingly engaging in market transactions. Moreover, 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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the motivation of firms that operate so as to maximize their profits. Mainstream microeconomic theory posits that the ultimate goal of a business is to make money. Stated differently, the reason for a business's existence is to turn a profit

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the transfer of ownership, property or business from the government to the private sector is termed privatization. The government ceases to be the owner of the entity or business. The process in which a publicly-traded company is taken over by a few people is also called privatization

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an economic system in which private business operates in competition and largely free of state control

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a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property, which is owned by a state entity; and from collective (or cooperative) property, which is owned by a group of non-governmental entities

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abstention by governments from interfering in the workings of the free market

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a political theory derived from Karl Marx, 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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a philosopher and economist famous for his ideas about capitalism and communism. Marx, in conjunction with Friedrich Engels, published "The Communist Manifesto" in 1848; later in his life, he wrote "Das Kapital," which discussed the labor theory of value

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a 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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a term used by Adam Smith to describe his belief that individuals seeking their economic self-interest actually benefit society more than they would if they tried to benefit society directly

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

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a benefit, reward, or cost that motivates an economic action

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refers to actions that elicit the most personal benefit. Adam Smith, the father of modern economics, explains that the best economic benefit for all can usually be accomplished when individuals act in their own self-interest

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in markets which are perfectly competitive, the profit available to a single firm in the long run is called normal profit. This exists when total revenue, TR, equals total cost, TC. Normal profit is defined as the minimum reward that is just sufficient to keep the entrepreneur supplying their enterprise

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

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where services of the factors of production (not the actual factors of production) are bought and sold, such as the labor markets, the capital market, the market for raw materials, and the market for management or entrepreneurial resources

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a business organization, such as a corporation or a partnership, with different levels of legal protection. However, the Ludwig Von Mises Institute states that a firm in economics plays an important role in markets regardless of its legal definition

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includes all the persons who occupy a housing unit. A housing unit is a house, an apartment, a mobile home, a group of rooms, or a single room that is occupied (or if vacant, is intended for occupancy) as separate living quarters

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when a nation or individual concentrates its productive efforts on producing a limited variety of goods. It oftentimes has to forgo producing other goods and relies on obtaining those other goods through trade

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protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims

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an economic system in which the state or government makes economic decisions rather than the interaction between consumers and businesses

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prices for goods and services are set freely by the forces of supply and demand and are allowed to reach their point of equilibrium without intervention by government policy, and it typically entails support for highly competitive markets and private ownership of productive enterprises

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the goods to be taken into consideration are e.g. money, time and resources. The comparison includes the gains and losses precluded by taking a course of action, as the those of the course taken itself

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the state of not being used enough or not used to full potential. An example of underutilization is when a very smart person with a masters degree is just working at an entry-level job in fast food

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implies 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. When an economy is economically efficient, any changes made to assist one entity would harm another

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the extreme limit of settled land beyond which lies wilderness, especially referring to the western US before Pacific settlement

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think about your next step forward. The word "marginal" means "additional." The first glass of lemonade on a hot day quenches your thirst, but the next glass, maybe not so much. If you think at the margin, you are thinking about what the next or additional action means for you

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an example of a simple production–possibility frontier. It demonstrates the relationship between a nation's investment in defense and civilian goods. In this example, a nation has to choose between two options when spending its finite resources

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an opportunity cost, which is the most preferred possible alternative. A trade-off involves a sacrifice that must be made to get a certain product or experience

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when the demand for a product or service exceeds its supply in a market. It is the opposite of an excess supply (surplus)

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the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving. Entrepreneurs are pioneers, innovators, leaders and inventors

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an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labor, capital and entrepreneurship

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the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs

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an economic activity where an immaterial exchange of value occurs. When a service such as labor is performed the buyer does not take exclusive ownership of that which is purchased, unless agreed upon by buyer and seller

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a material that satisfies human wants and provides utility, for example, to a consumer making a purchase while getting an enough-satisfying Product. A common distinction is made between 'goods' that are tangible property and services, which are non-physical

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desires that can be satisfied by consuming a good, service or leisure activity. Because resources are limited, people cannot have all the goods and services they want; as a result, they must choose some things and give up others

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goods or services that are required that would include the needs for food, clothing, shelter and health care. Wants are goods or services that are not necessary but that we desire or wish for