The Economics of Recycling
Glossary terms from:
Decision made or course of action taken when faced with a set of alternatives.
People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.
An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.
Costs of Production
Amounts paid for resources (land, labor, capital and entrepreneurship) used to produce goods and services.
The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
A factor, often a monetary policy or disadvantage, that discourages people from doing something.
Goods intended to last for a period of more than three years.
The study of how people, firms and societies choose to allocate scarce resources with alternative uses.
The quantity demanded and quantity supplied at the equilibrium or market-clearing price.
Tangible objects that satisfy economic wants.
Any reward or benefit, such as money, advantage or good feeling, that motivates people to do something.
Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest and dividends.
The purchase of capital goods (including machinery, technology or new buildings) that are used to produce goods and services. In personal finance, the amount of money invested in stocks, bonds, mutual funds and other investment instruments.
"Gifts of nature" that can be used to produce goods and services; for example, oceans, air, mineral deposits, virgin forests and actual fields of land. When investments are made to improve fields of land or other natural resources, those resources become, in part, capital resources. Also known as natural resources.
The amount of money that people pay when they buy a good or service; the amount they receive when they sell a good or service.
People and firms that use resources to make goods and services.
A process of manufacturing, growing, designing, or otherwise using productive resources to create goods or services used to to satisfy a want.
The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.
The condition that exists because human wants exceed the capacity of available resources to satisfy those wants; also a situation in which a resource has more than one valuable use. The problem of scarcity faces all individuals and organizations, including firms and government agencies.
Activities performed by people, firms or government agencies to satisfy economic wants.
The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given period of time. Normally, as the price of a good or service rises (or falls), the quantity supplied of the good or service rises (or falls).