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Economics Glossary of Terms and Concepts
Ceteris paribus assumption- a Latin phrase that means ‘other things being equal.

Choice-  when one alternative is selected over another.

Economic growth- a sustained increase in the productive capacity of an economy over a specified period of time, usually indicated by the increased availability of goods and services in the economy.

Economic resources- inputs used to create things or help you provide services these are land, labour, capital and enterprise.

Efficiency- using the least amount of resources to produce the goods and services that people value the most.

Factors of production- the broad categories under which the resources that go into creating goods and services to satisfy human wants can be classified; that is, land, labour, capital and enterprise.

Opportunity cost- the best alternative opportunity forgone when a choice is made, eg being unable to study Film and photography because you chose to study economics.

Production possibility curve(frontier)- is a curve which shows various combinations of sets of two goods which can be produced with the given resources and technology.

Productivity- a measure of the efficiency of production, expressed in terms of the rate of output per unit of inputs.

Scarcity- insufficiency relative to wants. A universal problem because the resources available for the satisfaction of human wants are limited while wants are unlimited.

This information can be found in 'Economics for the Real World Units 1 & 2 4th Edition Student Book'