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a curve showing the maximum attainable combinations of two goods that can be produced with available resources and current technology
labor, capital, natural resources and other inputs used to make goods or services
the act of buying and selling
the ability of an individual, firm, or a country to produce more of a good or service than competitors using same amount of resources
ability of an individual, firm, or a country to produce a good or service at a lower opportunity cost than competitors
a market for goods (ex: computers) or services
a market for the factors of production, such as labor, capital, natural resources, and entrepreneurial ability
a model that illustrates how participants in markets are linked
market with few government restrictions on how a good or service can be produced/sold or on how a factor of production can be employed
the rights of individuals or firms have to the exclusive use of their property including the right to buy or sell it
The ability of the economy to increase the production of goods and services.
