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EFFICIENCY: Obtaining the most possible satisfaction from a given amount of resources. Efficiency for our economy is achieved when we can not increase our satisfaction of wants and needs by producing more of one good and less of another. This is one of the five economic goals, specifically one of the two micro goals (the other being equity).
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FREE MARKET: A competitive market that is unrestrained by government control or regulations, especially price floors, price ceilings, or taxes. In such a market the forces of demand and supply eliminate any shortages and surpluses move the market to the equilibrium price and quantity. If the free market is competitive (with large numbers of buyers and sellers) and is not infected with other market failures, such as externalities, then equilibrium price results with equality between the demand price and the supply price. This means that equilibrium is also efficient. See also | market | competition | price floor | price ceiling | tax incidence | competition | externalities | market failure |
Recommended Citation:FREE MARKET, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 14, 2025].
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LAW OF INCREASING OPPORTUNITY COST The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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GSP
Gross State Product
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