front 1 Positive Economic Statement | back 1 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. |
front 2 Normative Statement | back 2 Refers to how things shohuld be, subjective agruments and values. e.g we should do more to help the less fortunate in this country |
front 3 Oppertunity Cost | back 3 The cost of the foregone alternative |
front 4 Scarcity | back 4 The gap between limited resources and unlimited ones |
front 5 Incentive | back 5 Something that motivates an individual or firm to behave in a certain way |
front 6 Regulation | back 6 A law that must be followed. Violation results in punishment, e.g. a fine/ prison/ban |
front 7 Specialisation | back 7 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 |
front 8 Environmental Sustainability | back 8 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. |
front 9 Social Sustainability | back 9 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 |
front 10 Economic Sustainability | back 10 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. |