little room for individual decision-making.

a complex planning agency.

significant centralisation of economic power.

a reliance on the price system to allocate resources.

the value of a good or service forgone.

the monetary cost of a good or service.

the cost of producing the goods measured in money terms.

the monetary cost of acquiring a factor of production.

"what"

"scarcity"

"how"

"when"

command and owned privately

the market and owned privately

command and owned by the state

the market and owned by the state

Producing 20 chocolate bars and 80 cans of honey dew is attainable, but inefficient.

Producing 0 chocolate bars and 100 cans of honey dew is both attainable and efficient.

Producing 30 chocolate bars and 38 cans of honey dew is only attainable with an increase in technology.

Producing 40 chocolate bars and 0 cans of honey dew is unattainable and inefficient.

point N

point L

point D

point C