Nature of Economics - 3. Future implications of choices

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10 Terms

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Opportunity Cost
The trade-off for choosing one option over another, representing the benefits lost from the next best alternative.
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Consumer Goods
Products produced to satisfy individual and community needs and wants immediately.
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Capital Goods
Goods produced to be used in the production of other goods and services, aimed at fulfilling future needs.
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Economic Efficiency
Achieving maximum returns from limited resources.
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Factors Affecting Individual Choices
Income (Y), Consumption (C), and Savings (S), all of which influence spending and saving decisions.
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Business Decision Factors
Elements such as optimal pricing, cost minimization, capital and labor use, and compliance with laws and regulations.
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Government Budget Priorities
Decisions on allocating spending between immediate needs like welfare and future investments in infrastructure and education.
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Impact of Education on Income
Forgoing income now to pursue education, which may lead to a higher income in the future.
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Influence of Work Type
The type of employment affects the level of income (Y), which in turn impacts consumption (C) and savings (S).
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Progressive Tax System
A taxation structure where the tax rate increases as the taxable amount increases, affecting individuals' disposable income.