Economics

Possible production that would be achieved in an economy if all available factors were employed

Economic development that meets the needs of the present without compromising needs of future

The next best alternative foregone when an economic decision is made 

An economy where the means of production are privately held by individuals and firms

An assumption that all other variables are being held equal when a single variable is altered 

A consumers desire or willingness to pay a price for a specific G or S

Goods which are unlimited in supply and have no opportunity cost

An improvement in standards of living reduction in poverty improved health and education? 

The total amount of specific G or S that are available to consumers

Human factor of production made by humans used to produce G and S

The study of how the economy as a whole works

What is the production of goods and services in an economy achieved in a given time period? 

Examines matters of economics that can be proven to be right or wrong by looking at the facts

factor of production involving organisation of the other factors of production and risk taking

satisfaction or pleasure that an individual derives from the consumption of a G or S?

The study of the behaviour of individual markets

The growth of real output in an economy over time usually measured as growth in real GDP

Quantity and/or quality of factors of production within an economy increased

Examines matters of economics that are based upon opinion Cannot be proven to be right or wrong

Occurs when previously employed factors of production are brought into use

What is the factor of production that is made by humans and used to produce goods and services?

An economy moving from a centrally planned economic system toward a more market oriented system

Limited availability of economic resources relative to society's unlimited demand for G and S

An economy where the means of production are owned by the state

What is the physical factor of production that consists of natural resources?