refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good

A means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country.

The loss of potential gain from other alternatives when one alternative is chosen.

Costs that change as the quantity of the good or service that a business produces changes.

The sum of all costs incurred by a firm in producing a certain level of output.

The total amount of income generated by the sale of goods or services related to the company's primary operations

A stock of a resource from which a person or place can be provided with the necessary amount of that resource.

The quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

The only price where the plans of consumers and the plans of producers agree—that is, where the amount consumers want to buy of the product, quantity demanded, is equal to the amount producers want to sell, quantity supplied.