a simple representation of the maximum level of output that an economy can achieve, given its current resources and a state of technology ; may be referred to as a production possibility frontier

what is involved in deciding whether to give up one good for another good

the maximum output that can be produced when all resources are used fully

where it is possible to stop someone from consuming a good or service

where consumption by one person of a good or service reduces the availability of the good or service for others

where consumption by one person does not reduce consumption by someone else

goods that are consumed by one person and not available to anyone else

goods that are not scarce and have zero opportunity cost

good which is both non-excludable and non-rival

good that has some but not the full characteristics of a public good

someone who does not pay to use a public good

a good that is thought to be desirable for consumer but which is underprovided by the market because of information failure

a good that is thought to be undesirable for consumers and is overprovided by the market because of information failure 

a situation where consumers do not have full or complete information when making decisions