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production possibilities curve- illustrates the variations in the amounts that can be produced of two products 

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production possibilities curve- illustrates the variations in the amounts that can be produced of two products 

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

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

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market-any arrangement that allows buyers and sellers to exchange things

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market-any arrangement that allows buyers and sellers to exchange things

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marginal benefit- the additional benefit arising from a unit increase in a particular activity

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marginal benefit- the additional benefit arising from a unit increase in a particular activity

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cost/benefit analysis-is the process of comparing the projected or estimated cost and benefits associated weather it makes sense from a business perspective.

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cost/benefit analysis-is the process of comparing the projected or estimated cost and benefits associated weather it makes sense from a business perspective.

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opportunity cost-the value of the next best alternative when a decision is made;its what is given up.

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opportunity cost-the value of the next best alternative when a decision is made;its what is given up.

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private property rights-the principle that people have the right to control their possessions and use them as they wish

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private property rights-the principle that people have the right to control their possessions and use them as they wish

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profit motive-the incentive that drives individuals and business owners to improve their material well-being

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profit motive-the incentive that drives individuals and business owners to improve their material well-being

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public disclosure laws-laws requiring companies to provide information to consumers about their products and services

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public disclosure laws-laws requiring companies to provide information to consumers about their products and services

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interest group-a private organization that tries to persuade public officials to act in ways that benefit its members

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interest group-a private organization that tries to persuade public officials to act in ways that benefit its members

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intellectual property-   creations, such as books, songs, or symbols, that consist of ideas rather than physical objects   

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intellectual property-   creations, such as books, songs, or symbols, that consist of ideas rather than physical objects   

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privatization-the process of selling businesses or services operated by the government to individual investors, and then allowing them to compete in the marketplace

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privatization-the process of selling businesses or services operated by the government to individual investors, and then allowing them to compete in the marketplace

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centrally planned economy-an economic system in which the government makes all decisions on the three key economic questions

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centrally planned economy-an economic system in which the government makes all decisions on the three key economic questions

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authoritarian-describes a form of government that limits individual freedoms and requires strict obedience from its citizens

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authoritarian-describes a form of government that limits individual freedoms and requires strict obedience from its citizens

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household-a person or group of people living in a single residence

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household-a person or group of people living in a single residence

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factor market-the arena of exchange in which firms purchase the factors of production from households

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factor market-the arena of exchange in which firms purchase the factors of production from households

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firm-an organization that uses resources to produce a product or service, which it then sells

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firm-an organization that uses resources to produce a product or service, which it then sells

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product market-the arena of exchange in which households purchase goods and services from firms

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product market-the arena of exchange in which households purchase goods and services from firms

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Adam Smith-the first modern economist, whose book The Wealth of Nations describes how free markets function and self-regulate.

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Adam Smith-the first modern economist, whose book The Wealth of Nations describes how free markets function and self-regulate.

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law of increasing costs-that states that to produces an increasing amount of a good supplier must give up greater and greater amounts of another food.

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law of increasing costs-that states that to produces an increasing amount of a good supplier must give up greater and greater amounts of another food.