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| Adam Smith- The Invisible Hand concept. |
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| The result of human action, but not planning. |
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| "Economics is the study of human action." -Ludwig von Mises |
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| Unlimited wants but limited resources. |
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| An unlimited want but limited resources. |
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| Giving an incentive to protect one's belongings. |
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| Centrally Planned Allocation. |
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| A decision made through logic. |
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| Diminishing Marginal Utility |
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Definition
| Decreasing satisfaction from individual units of goods. |
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| Diminishing Marginal Return |
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Definition
| Deceasing production efficiency. |
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| Value assigned to specific units. |
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| "Beauty is in the eye of the beholder." |
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| Producing specialized goods. |
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| Production Possibility Frontier (Graph) |
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| Pursuit of one's comparative advantage. |
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| Trade's Relation to Wealth |
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Definition
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| The one who can produce a larger number. |
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| The one who can produce with a smaller opportunity cost. |
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Definition
| Signaling information and coordinating actions. |
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Definition
| The price and quantity are inversely proportional. |
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| Preference, Expectation, Complements/Supplements, Income, Demographics, Population. |
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| Shows the amount of goods consumers will buy at each price. |
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Definition
| The sensitivity of price for buyers. |
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| The price of not perusing the next best option. |
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| Public resources tend to be wasted. |
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| A good used to facilitate trade. |
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| Cost of finding a buyer or seller. |
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| Cost of finding information about a good. |
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| Both parties must desire the trade. |
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| The extra purchases due to satisfaction. |
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| Giving one thing up to gain another. |
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| British Economist famous for inventing Capitalism and writing "The Wealth of Nations." |
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