Fundamental economics problem facing all societies - combination of scarce resources and the unlimited wants and needs of people

something that motivates

Few firms that dominate a market

These goods are generally overproduced

Gross domestic product after adjustments for inflation

Cost of the next best alternative use of money, time, or resources when one choice is made over another.

A graph that shows the quantities supplied at each and every possible price in the market.

Many firms with similar products such as H & M, Zara

These goods are generally underproduced

GDP without being adjusted for inflation

A diagram representing all possible combinations of goods and/or services an economy can produce.

a government payment to encourage or protect a certain (positive) economic activity.

Identical products such as corn or wheat

Nobel prize winner in Economics - she is known for her work with the tragedy of the commons - overuse of resources

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area

Assignment of tasks to workers that can perform them most efficiently.

The lowest legal wage that can be paid to most workers.

Few firms with high entry - such as the airline industry

Someone who enjoys the benefit of a good but does not pay for it.

The well-being of a population or regarding both positive and negative elements within the entirety of their existence at a specific point in time.

"Hands off" in terms of intervening in the economy

A graph that shows the quantities demanded at each and every possible price in the market.

An attempt to limit competition

Gross domestic product after adjustments for inflation

Nobel Prize winner in Economics known for her work in the wage gap between men/women