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| Question | Answer |
| a curve showing the maximum attainable combinations of two goods that can be produced with available resources and current technology | production possibilities frontier (PPF) aka production possibilities curve (PPC) |
| labor, capital, natural resources and other inputs used to make goods or services | factors of production |
| the act of buying and selling | trade |
| the ability of an individual, firm, or a country to produce more of a good or service than competitors using same amount of resources | absolute advantage |
| ability of an individual, firm, or a country to produce a good or service at a lower opportunity cost than competitors | comparative advantage |
| a market for goods (ex: computers) or services | product markets |
| a market for the factors of production, such as labor, capital, natural resources, and entrepreneurial ability | factor markets |
| a model that illustrates how participants in markets are linked | circular flow diagram |
| market with few government restrictions on how a good or service can be produced/sold or on how a factor of production can be employed | free market |
| the rights of individuals or firms have to the exclusive use of their property including the right to buy or sell it | property rights |
| The ability of the economy to increase the production of goods and services. | economic growth |
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