The benefits forgone of the next best alternative.

Customer-satisfying goods made from free resources that don't impose an opportunity cost on society.

The study of the national economy.

A social science that studies the production, distribution or consumption of goods or services.

Goods that satisfy the needs and wants of people directly

The reduction or elimination of government power in a particular industry.

The process of transforming an entire economy away from a planned economic system and toward greater market-based organization.

The inputs available to supply goods or services to the economy. eg. land, capital, enterprise and labour.

An objective statement that can be tested using available evidence.

A resource that will eventually run out.