AP Vocab

Topics: Economics, Sustainability, 175 Pages: 4 (1055 words) Published: October 25, 2013
cost[[endash]]benefit analysis (CBA)Estimates and comparison of short-term and long-term benefits (gains) and costs (losses) from an economic decision. discount rateThe economic value a resource will have in the future compared with its present value. economic systemMethod that a group of people uses to choose what goods and services to produce, how to produce them, how much to produce, and how to distribute them to people. See pure free-market economic system. External costSocial benefits ("goods") and social costs ("bads") not included in the market price of an economic good. See external benefit, external cost. Compare full cost, internal cost. full costCost of a good when its internal costs and its estimated short- and long-term external costs are included in its market price. Compare external cost, internal cost. GDPSee gross domestic product.

high-throughput economyThe situation in most advanced industrialized countries, in which ever-increasing economic growth is sustained by maximizing the rate at which matter and energy resources are used, with little emphasis on pollution prevention, recycling, reuse, reduction of unnecessary waste, and other forms of resource conservation. Compare low-throughput economy, matter-recycling economy. high-waste economySee high-throughput economy.

human capitalSee human resources.
human resourcesPhysical and mental talents of people used to produce, distribute, and sell an economic good. Compare manufactured resources, natural resources. internal costDirect cost paid by the producer and the buyer of an economic good. Compare external benefit, external cost, full cost. manufactured capitalSee manufactured resources.

manufactured resourcesManufactured items made from natural resources and used to produce and distribute economic goods and services bought by consumers. These include tools, machinery, equipment, factory buildings, and transportation and distribution facilities. Compare human resources, natural...
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