Public goods are goods or services that are both non-excludable and non-rivalrous. Because individuals cannot be prevented from
Glossary Category: Economics
mixed economy
A mixed economy is an economic system that combines elements of both market and planned economies. In this
production possibility curve
A PPC shows an economy’s maximum output of two goods when using all of its resources.
demerit goods
Demerit goods are products or services that are considered to be harmful or less beneficial to consumers than
planned economy
In a planned economy (command economy), the government owns and controls most or all productive resources. Economic decisions,
merit goods
Merit goods are goods and services that are considered beneficial for individuals and society, often more than consumers
private goods
Private goods (economic goods) are defined by two key properties: rivalry and excludability. economic goods that are consumed
division of labour
Division of labour refers to the separation of a production process into distinct tasks, with each worker assigned
physical capital
tangible assets that can be used to produce economic value, such as machinery, buildings, and equipment
factors of production
The factors of production are the essential inputs required to produce goods and services in an economy. They