a statement that includes a value judgement and cannot be refuted just by looking at the evidence.

the economic well being of an individual, or a group within society, or an economy.

the cost of giving up the next best alternative.

inputs into the production process, land, capital and enterprise

the science that studies society and the relationships of individuals. There is no right or wrong solution.

a statement of fact that can be scientifically tested to see if it is correct or incorrect.

when a firm's average cost is at the bottom of the average cost curve. Lowest possible cost.

when all those who are able and willing to work are employed.

something that is desirable such as fashionable clothing, that is not necessary for human survival.

a good which is consumed by individuals or households to satisfy their needs or wants.