March 21, 2018 

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ECONOMICS: A social science that studies the allocation of limited resources to the production of goods and services used to satisfy consumer's unlimited wants and needs. Five notable phrases contained in this definition that need further study are: (1) social science, (2) allocation, (3) limited resources, (4) production, and (5) unlimited wants and needs.

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PROPERTY RIGHTS: The legal ownership of resources, which entitles the owner to receive the benefits or pay the cost of the resources' productive activities. The notion of property rights came originally from the ownership of land (and the natural resources of the land), but it's equally important for labor and capital resources. In other words, your labor ownership gives you the right to be paid a wage for your work.

     See also | resources | goods | services | ownership and control | private property | labor | capital | land | entrepreneurship | good types | market failures | common-property good | near-public good | private good | public good |

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A production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is often derived from a production possibilities schedule. This derivation involves plotting each bundle from the production possibilities schedule as a point in a diagram measuring the two goods on the vertical and horizontal axes.

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[What's This?]

Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for the happiest person in the room.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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