Scarcity

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

Production possibilities frontier

A curve shhowing the maximum attainable combinations of two products that may be produced with available resources. (Above the curve is a combination of produced items that is unattainable with current resources; below is an combination that inefficiently or incompletely uses resources.)

Opportunity cost

The highest-valued alternative that must be given up to engage in an activity.

Q: What does the production possibilities frontier look like after a disaster or technological setback? Can this be effectively explored in a post-apocalyptic story?

Economic growth

The ability of the economy to produce increasing quantities of goods and services.

Trade

The act of buying and selling

Gains from trade - ZOMG ITS MAGIC!!!11!1shiftone!

Absolute advantage

The ability of an individual, firm or country to produce more of a good or service than competitors using the same amount of resources.

Comparative advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers.

Market

A group of buyers and sellers of a good or service and the institution or arrangement by whhich they come together to trade.

Product markets

Markets for goods - such as computers - and services - such as medical treatments.

Factor markets

Markets for the factors of production, such as labor, capital, natural resources, and entrepreneurial ability.

Circular-flow diagram

A model that illustrates how participants in markets are linked.

(And they're almost always oversimplifications that don't adequately explain properly complex systems. vis. Michael Crichton.)

Free market

A market with few government restrictions on how a good or service can be produced or sold, or on how a factor of production can be employed.

Entrepreneur

Someone who operates a business, bringing together the factors of production - labor, capital, and natural resources - to produce goods and services.

Property rights

The rights individual or firms have to the exclusive use of their property, including the right to buy or sell it.

Establishment of trusts, robber barons (Robber baron (industrialist) - Wikipedia, the free encyclopedia), Carnegie & Rockefeller etc.

Man, he's got a hard-on for the markets. It's funny. And he really doesn't like socialism. "They like equality a lot, and I can live a happy life without being equal, so I'm not envious." Mention of Kelo vs. New London.

Term	Definition
Scarcity	The situation in which unlimited wants exceed the limited resources available to fulfill those wants.
Production possibilities frontier	A curve shhowing the maximum attainable combinations of two products that may be produced with available resources. (Above the curve is a combination of produced items that is unattainable with current resources; below is an combination that inefficiently or incompletely uses resources.)
Opportunity cost	The highest-valued alternative that must be given up to engage in an activity.
Q: What does the production possibilities frontier look like after a disaster or technological setback? Can this be effectively explored in a post-apocalyptic story?
Economic growth	The ability of the economy to produce increasing quantities of goods and services.
Trade	The act of buying and selling
Gains from trade - ZOMG ITS MAGIC!!!11!1shiftone!
Absolute advantage	The ability of an individual, firm or country to produce more of a good or service than competitors using the same amount of resources.
Comparative advantage	The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers.
Market	A group of buyers and sellers of a good or service and the institution or arrangement by whhich they come together to trade.
Product markets	Markets for goods - such as computers - and services - such as medical treatments.
Factor markets	Markets for the factors of production, such as labor, capital, natural resources, and entrepreneurial ability.
Circular-flow diagram	A model that illustrates how participants in markets are linked.
(And they're almost always oversimplifications that don't adequately explain properly complex systems. vis. Michael Crichton.)
Free market	A market with few government restrictions on how a good or service can be produced or sold, or on how a factor of production can be employed.
Entrepreneur	Someone who operates a business, bringing together the factors of production - labor, capital, and natural resources - to produce goods and services.
Property rights	The rights individual or firms have to the exclusive use of their property, including the right to buy or sell it.
Establishment of trusts, robber barons (Robber baron (industrialist) - Wikipedia, the free encyclopedia), Carnegie & Rockefeller etc.
Man, he's got a hard-on for the markets. It's funny. And he really doesn't like socialism. "They like equality a lot, and I can live a happy life without being equal, so I'm not envious." Mention of Kelo vs. New London.