Transportation: They Say We Had a Revolution (Part 1)
Glossary terms from:
One of many choices or courses of action that might be taken in a given situation.
Any activity or organization that produces or exchanges goods or services for a profit.
Resources and goods made and used to produce other goods and services. Examples include buildings, machinery, tools and equipment. In the context of credit transactions, capital is one of the Three Cs of Credit. It is an indicator of how creditworthy a prospective borrower is likely to be as determined by the borrower's current financial assets and net worth.
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.
The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
The process of improving the quality of human lives through raising living standards. Economic development is broader than economic growth, which is concerned with year-to-year increases in production. Economic development deals with the economic, social and political institutions that govern the way the economy and society function.
An increase in real output as measured by real GDP or per capita real GDP.
Factors that motivate and influence the behavior of individuals and organizations, including firms and government agencies. Prices, profits and losses are important economic incentives in a market economy.
The study of how people, firms and societies choose to allocate scarce resources with alternative uses.
Tangible objects that satisfy economic wants.
Any reward or benefit, such as money, advantage or good feeling, that motivates people to do something.
A new idea or method.
"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.
To grant someone the use of something, on condition that the object borrowed or its equivalent will be returned (often with interest, in the case of money).
Places, institutions or technological arrangements where or by means of which goods or services are exchanged. Also, the set of all sale and purchase transactions that affect the price of some good or service.
Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value. Characteristics of money are portability, stability in value, uniformity, durability and acceptance.
Non-price determinants can be interactions that do not affect the price of the wide range of supply and demand factors.
People and firms that use resources to make goods and services.
A good or service that can be used to satisfy a want.
A process of manufacturing, growing, designing, or otherwise using productive resources to create goods or services used to to satisfy a want.
Natural resources, human resources, capital resources and entrepreneurship used to make goods and services.
The amount of output (goods and services) produced per unit of input (productive resources) used.
Income received for entrepreneurial skills and risk taking, calculated by subtracting all of a firm's explicit and implicit costs from its total revenues.
The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.
Earnings from an investment, usually expressed as an annual percentage.
Activities performed by people, firms or government agencies to satisfy economic wants.
A situation in which people produce a narrower range of goods and services than they consume. Specialization increases productivity; it also requires trade and increases interdependence.
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.
The exchange of goods and services for money or other goods and services.
Costs associated with buying or selling goods and services that are not included in the money prices of those goods and services. Examples include obtaining information on prices and product quality, searching for sellers, and bargaining costs.
Effort applied to achieve a purpose or result, often for pay; skills and knowledge put to use to get something done; employment at a job or in a position; occupation, profession, business, trade, craft, etc.