IGCSE>Notes>The Market System

Market Systems Definition:   Market: One of many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. It consists of all those people or firms who wish to exchange a given good or service.  ...

Opportunity cost and the basic economic problem Definition   Opportunity cost:  the cost of any activity measured in terms of the value of the next best                                   alternative forgone (that is not chosen)   Production:  the act of creating...