the ways in which scarce resources are allocated.

the number of retail outlets available to consumers.

the political affiliations of government officials.

the process by which government officials are elected or appointed.

point c

point b

point e

point a

limited wants and unlimited resources.

limited resources and unlimited wants.

inefficient production.

exploration.

resources must be shifted away from producing one good in order to produce another

resources are unlimited

wants are limited in society

monetary costs of inputs usually outweigh non-monetary costs

“all else equal”.

“scarcity is a fact of life”.

“everything affects everything else”.

“there is no such thing as a free lunch”.

locations where buyers and sellers physically meet.

trading arrangements that have been approved by the government.

physical structures only.

any arrangement that enables buyers and sellers to get information and trade with one another.

the concave to the origin shape of the curve.

the unattainable points outside the curve.

the area under the curve.

the negative slope of the curve.

highest-valued

most convenient

least-valued

most recently considered