Term
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Definition
| Increases in the real GDP (total output) of a country through time. |
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Term
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Definition
| Sustainable increase in living standards that implies increased per capita income, better education and health and environmental protection. |
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Term
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Definition
| Expanding people's choices and the level of well being they achieve: material consumption as well as better health and education. |
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Definition
| Development that meets the needs of the present without decreasing the ability of future generations to meet their own needs. |
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Term
| Positive (economic) statement |
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Definition
| A statement that can be tested against data. |
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Term
| Normative (economic) statement |
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Definition
| A value judgement, an opinion; usually spotted by words such as 'ought to be', fair and unfair. |
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Term
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Definition
| All other factors remain unchanged. |
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Term
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Definition
| When wants and needs exceed the ability to produce goods and services from limited (scarce) resources to satisfy these wants and needs. |
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Term
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Definition
| The satisfaction of wants and needs obtained from the use of goods or services. |
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Term
| Free good vs. economic good |
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Definition
| Free goods have no opportunity cost and economic goods production sacrifices factors of production. |
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Term
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Definition
| Natural resources used to produce goods and services. |
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Term
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Definition
| The education, training and experience shown in the labour force. |
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Term
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Definition
| The manufactured resources used to manufacture other goods. |
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Term
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Definition
| The services and efforts of humans used in the production of goods and services. |
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Term
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Definition
| The willingness and ability of certain individuals to organize the other three factors of production. |
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Term
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Definition
| Payments to the owners of land for using the resources of land in the production of goods and services. |
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Term
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Definition
| The rewards of successful entrepreneurship. |
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Term
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Definition
| Factor of payment to the owner of labour for using labour services to produce goods and services. |
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Term
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Definition
| Reward of the factor of production captita; payment made for using borrowed money over a period of time. |
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Term
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Definition
| The highest valued alternative forgone in the pursuit of an activity. |
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