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Definition
| a period of high growth that raises output above normal capacity output. |
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| are the production inputs generated by capital assets. |
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Definition
the buildings, machinery, equipment and software used in producing goods and
services |
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| is the set of goods combinations that can be produced in the economy when all available productive resources are in use. |
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Definition
| Yc = (number of workers at full employment)×(output per worker). |
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Term
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Definition
| studies the economy as system in which feedbacks among sectors determine national output, employment and prices. |
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Term
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Definition
| is the study of individual behaviour in the context of scarcity |
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Definition
| is a formalization of theory that facilitates scientific inquiry. |
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Term
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Definition
| where resources are supplied by both government and private sectors |
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Term
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Definition
| of a choice is what must be sacrificed when a choice is made. |
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Term
| Production possibility frontier (PPF) |
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Definition
defines the combination of goods that can be produced
using all of the resources available. |
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Term
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Definition
| is the output of goods and services per worker. |
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Definition
| when output falls below the economy’s capacity output. |
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Term
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Definition
| is a logical view of how things work, and is frequently formulated on the basis of observations. |
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