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the study of how to allocate scarce resources in the most efficient way
how to allocate scarce resources among alternative uses
Factors of production
The resource inputs that are available in an economy for the production of goods and services
Natural resources in an economy.
The quantity and quality of human resources.
Man-made aids to production
someone who bears the risks of the business and who organises production
the willingness of an entrepreneur to take risks and organise production
Anything you would like irrespective of whether you have the resources to purchase it.
A situation where there are insufficient resources to meet all wants
the selection of appropriate alternatives
The cost of next best alternative which is foregone when a choice is made
The concentration by a worker or workers,firms, region or whole economy on a narrow range of goods and services
division of labour
the specialisation of labour where the production process is broken down into separate tasks
Production Possibility Curve
This shows the maximum quantities of different combinations of output of two products, given current resources and the state of technology
An economic system whereby resources are allocated through the markets forces of demand and supply.
an economic system in which resources are state owned and also allocated centrally
An economy system in which resources are allocated through a mixture of the market and direct public sector involvement.