Term
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Definition
| Land, Labour, Capital, Management |
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Term
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Definition
| As the next best alternative foregone when an economic decision is made. |
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Term
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Definition
| Production Possibility Curve. These are used to show the concept of scarcity, choice, opportunity cost, among other things. |
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Term
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Definition
| Land includes a large number of things. It is the land, everything that grows on the land or is found under it. |
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Term
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Definition
| Labour is the human factor. It is the physical and mental contribution of the existing workforce to production. |
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Term
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Definition
| Capital is the factor of production that comes from investment in physical capital and human capital. |
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Term
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Definition
| Is the organizing and risk-taking factor of production. |
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Term
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Definition
| Utility is a measure of usefulness and pleasure. |
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Term
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Definition
| Deals with smaller, discrete economic agents and their reaction to changing events. |
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Term
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Definition
| Takes a wider view and considers such things as measuring all the economic activity in the economy, inflation, unemployment, and the distribution of income in the whole economy. |
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Term
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Definition
| Can be proven to be right or wrong by looking at the facts. |
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Term
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Definition
| Is a matter of opinion and cannot be conclusively proven to be right or wrong. |
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