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Economics; Principles and Practices Chapter 1, Section 2


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Alternative choices when spending income or time
Opportunity Cost
Cost of next-best alternative use of money
Increasing exports and precious metals
Adam Smith
Wrote "The Wealth of Nations". He argued that competition, together with the free-market system, would act as an invisible hand.
Production Possibilities Frontier
Diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed.
Decision-making Grid
A chart in which all financial possibilities and their drawbacks in a situation can be easily compared in a yes/no way.
Specialization of Labor
When labor becomes more productive because each worker becomes more skilled at a single job.
The sum of the nation's goods produced by labor, regardless of who owns those goods.
Invisible Hand
Under competitive conditions, individuals acting of their own self-interest, and with a minimum of Government intervention, will bring about the greatest good for the society as a whole.
No government intervention in economic affirs

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