Definition of Growth, Development and Sustainable
Growth: National income is the value of all the goods and services produced in an economy in a given time period, normally one year.
Development: A measure of welfare and over all well being.
Sustainable Development: If production can meet the needs of the present without comprimising the ability of future generations and the ability to meet their own needs.
Definition of Positive and Normative
Positive Economics: a statement that can be proven wrong or right by looking at the facts.
Normative Economics: a statement that can't be proven right or wrong but are open to opinion.
Definition: Scarcity and Factors of Production
Scarcity: all good ands services that have a price are relatively scarce, thus they are scarce relative to people's demand for them because consumer want is unlimited.
Factors of Production
Land: all natural resources and other things found on the land, in the land and under the land that is owned by the firm.
Labour: human workforce, its the mental and physical contribution of the existing workforce.
Capital: factor of prodyction recieved from investment and human workforce, like education and healthcare.
Entrepeneurship: organising and risk-taking factor of production. Entrepeneurs and managers organise all other factors of production.