You are here
|
Term |
Definition |
|
Economics |
The social science that studies how people make choices to satisfy their unlimited wants and needs with limited resources. |
|
Efficiency |
Using resources in the best possible way to produce the most output with the least waste. |
|
Equity |
Distributing resources and outcomes fairly among different groups and individuals. |
|
Growth |
Increasing the quantity and quality of goods and services available over time. |
|
Stability |
Maintaining a steady level of prices, output, employment and income. |
|
Sustainability |
Using resources in a way that does not compromise the ability of future generations to meet their needs. |
|
Scarcity |
The condition that arises when human wants exceed the available resources. |
|
Choice |
The act of selecting one option among many alternatives. |
|
Production |
The process of transforming resources into goods and services . |
|
Opportunity cost |
The value of the next best alternative that is forgone as a result of making a choice. |
