Basics of Economics

The value of the next best alternative

Microeconomics deals with the economy as a whole and decision making by large units like governments

An economic system where decisions are based on customs and beliefs.

An economic system that combines elements of a pure market economy and a command economy

An economic system where the government makes all economic decisions

This chart is an example of what?

The amount left over after all the costs of production have been paid.

Adam Smith is considered the father of capitalism

Sacrificing one good or service to purchase or produce another is known as what?