The sacrifice made by choosing one value or opportunity over another; the value of the forgone opportunity.
Advantage conferred with a country to one goods production relative to another.
Defined as equal to the point at which an economy exhibits natural rate of unemployment; occur when the economy is at its long run supply capacity.
Measured as a percentage rate of the number of individuals that would like to work and are an active part of the labor force to the number of individuals that comprise the active labor force.
Barriers to free market pricing set in place to confer advantage of a country; examples include taxes and subsidies.