Command economy. 

Market economy. 

Free market economy. 

Raw materials used in production. 

Tangible items or products. 

Resources used to produce goods.

Intangible items like services.

Renewable resources are unlimited, while non-renewable resources are limited. 

Renewable resources are used for energy, while non-renewable resources are used for production.

Renewable resources can be replenished, while non-renewable resources cannot.

Renewable resources cannot be replenished, while non-renewable resources can.

Studying human behaviour and resource allocation

Studying weather patterns 

Exploring literature and arts 

Analysing historical events

The value of the next best alternative given up when making a decision

The total cost of producing a good or service 

The cost of producing one more unit of a good or service

The cost of inputs (e.g., labour and raw materials) used in production

welfare economics 

microeconomics

monetary economics 

macroeconomics 

A point where demand and supply curves do not intersect 

A balance between demand and supply, determining market price and quantity 

A situation where prices are fixed by government regulations 

A constant state of high demand and low supply 

Choice consequence 

Opportunity cost

Scarcity cost 

Variable cost 

Total cost 

Fixed cost 

Marginal cost 

Exponential production function 

Cobb-Douglas production function

Linear production function

Quadratic production function