when a firm's average cost is at the bottom of the average cost curve. Lowest possible cost.

when all those who are able and willing to work are employed.

inputs into the production process, land, capital and enterprise

a statement that includes a value judgement and cannot be refuted just by looking at the evidence.

something that is necessary for human survival, such as food, warmth or shelter.

the economic well being of an individual, or a group within society, or an economy.

a curve depicting the various combinations of two products for types of products that can be produced when all the available resources are fully and efficiently employed.

how best to make the decisions about the allocations of scarce resources among competing uses so as to maximise human happiness and welfare.

when the available economic resources are used to produce the combination of goods and services that best matches people's tastes and preferences.

the cost of giving up the next best alternative.