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Definition
| The cost of pursuing one course of action measured in terms of the foregone return that could have been earned on an alternative course of action |
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Definition
| Resources used as inputs used to produce goods or services |
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Definition
| The 'Wealth of Nations' is considered one of the first pieces of literature in modern economics. He discussed division of labor, pursuit of self interest, and freedom of trade. |
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Definition
| The first modern 'socialist' economic theory to emerge, Karl Marx discussed division of labor, evolution of means of production, and alienation. |
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Term
| Gross domestic product (GDP) |
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Definition
| The total market value of the goods and services produced in any given nation. It is used as a measure of national income |
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Term
| Mix of output (production possibility frontier) |
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Definition
| A graph that shows different rates of production of two goods that an entity can sustain with its given resources. |
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