The opportunity cost of a good is
The time lost in finding it .
The quantity of other goods sacrificed to get another unit of that good .
The expenditure on the good
The loss of interest in using savings .
__________ is development that meets the needs of the present without compromising the ability of failure generations to meet their own needs .
Sustainable development
Economic development
Economic growth
Social development
If an economy is productively efficient :
Every one is wealthy
Resources are unemployed
More of one product can only be produced if less of another product is produced .
The distribution of income is equal
Normative economics forms ________ based on
Positive statements ,facts
Opinions ,personal values
Positive statement ,value
Opinions ,facts
______ refers to raising the standard of living and well being of people .
Macro economics
Micro economics
________ capital also known as environmental capital .
Physical capital
Human capital
Natural capital
Social capital
In a free market
Governments intervene
Governments plan production
Government interfere
Prices adjust to coincide scarcity and desires .
The resources in an economy :
Are always fixed
Can never decrease
Always increase overtime
Are limited at any moment in time .
An Outward shift the production possibility frontier may be caused by
An increase in demand .
More government spending
Better training of employees.
Productive efficiency .
____ is used to produce more goods and service in the future .
