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The benefits forgone of the next best alternative.
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Customer-satisfying goods made from free resources that don't impose an opportunity cost on society.
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The study of the national economy.
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A social science that studies the production, distribution or consumption of goods or services.
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Goods that satisfy the needs and wants of people directly
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The reduction or elimination of government power in a particular industry.
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The process of transforming an entire economy away from a planned economic system and toward greater market-based organization.
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The inputs available to supply goods or services to the economy. eg. land, capital, enterprise and labour.
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An objective statement that can be tested using available evidence.
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A resource that will eventually run out.