a measure of the decrease in value of an assset over time

output per worker hour

the next best alternative forgone

a product which requires resources to produce it and therefore has an opportunity cost

a product which does not require resources to produce it, and therefore has no opportunity cost

a curve that shows the maximum output of two types of products and combination of those products that can be produced

an economy where the government makes the crucial decsions, land and capital are state-owned and resources are allocated by directives

an economy where consumers determine what is produced, resources are allocated by the price mechanism; land and capital are privately owned

an economy in which both private and public sectors play an important role

the willingness and ability to buy a product

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