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noun:a financial or social reward that motivates someone to do something (inducement)
e.g. A cash bonus is a real incentive to work harder. |
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noun phrase: a decision made after considering the costs, benefits and future consequences (reasonable decision)
e.g. Parking in a restricted area on a Sunday is a rational choice because you probably won't get a fine. |
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noun: a good or opportunity you forego when you choose another alternative
e.g. When you choose to go to university, the trade off is not getting a job and financial independence right away |
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noun: the stock of something individuals, companies or societies have in order to produce a desired outcome (supply/facility)
e.g. Studying at university requires a great deal of intellectual resources as well as time and effort. |
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noun neutral: the result of an action or decision not necessarily intended (outcome)
Some say many jobs will be lost as a consequence of the trade agreement. |
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noun (negative) the lack of sufficient quantities of a resource to meet people's needs
Food scarcity can lead to rising prices, malnutrition and even famine.(dearth) |
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adjective (positive) a product whose value has been increased by special manufacturing, marketing, or processing
Water, yogurt and cereal are the three most significant value-added foodstuffs. |
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noun neutral: In economics, the additional satisfaction or benefit (utility) that a consumer derives from buying an additional unit of a commodity or service.
The marginal utility of one slice of bread to a family that has five slices will be great, whereas an extra slice offered to a family that has 30 slices will have less marginal utility. |
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noun neutral: In economic terms, the opportunities forgone in the choice of one expenditure over others.
For a consumer with a fixed income, the opportunity cost of buying a new dishwasher might be the value of a foreign holiday never taken |
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verb (positive)to make the most of or to get the most benefit from.
Economics is about maximising welfare, not GDP. |
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