Positive Economic Statement
Based on data, facts and figures. E.g. If a fall in income will lead to a 5% increase in demand for their own label supermarket foods.
Normative Statement
Refers to how things shohuld be, subjective agruments and values. e.g we should do more to help the less fortunate in this country
Oppertunity Cost
The cost of the foregone alternative
Scarcity
The gap between limited resources and unlimited ones
Incentive
Something that motivates an individual or firm to behave in a certain way
Regulation
A law that must be followed. Violation results in punishment, e.g. a fine/ prison/ban
Specialisation
Refers to the specialisation of a work process into a number of tasks, with each task carried out by a seperate worker or group of workers
Environmental Sustainability
An ability of a system to maintain populations, biodiversity and overall functioning indefinitely.
For renewable resources, the rate of harvest should not exceed the rate of regeneration.
For non- renewable resources their depletion should not require equal development of the renewable subsitutes for that resource.
Social Sustainability
The ability of a social system such as fmaily, business or nation to operate indefinitely at a defined level of social wellbeing and harmony.
Socially sustainable communities are equitable, diverse and democratic, and provide a good quality of life.
The concept incoperates thinfs such as human rights, environmental law, public participation
Economic Sustainability
The ability of an economy to support a defined level of economic activity indefinitely.
It requires a firm or nation to use its resources efficiently and responsibily in a sustainable manner to produce a profit.
Without acting responsibly and using its resources efficiently, a company will not be able to sustain its profits in the long term.