VCE Economics - Unit 1 AOS 1 Terminology

VCE is the Victorian Certificate of Education

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Definition

Term

Transitioning a publicly offered good or service to the private sector

Privatisation

Human-made resources used to produce goods and services

Capital Resources

Something that induces an economic agent, whether a consumer or producer to act

Incentive

Resources made by nature

Natural Resources

The value of the next best alternative that is foregone whenever a choice is made

Opportunity Cost

Individuals and organisations who make decisions in the market

Economic Agents

Maximising output while minimising input resources

Productive Efficiency

The study of the overall economy

Macroeconomics

The study of individual economic units

Microeconomics

How quickly resources can be reallocated when needs and wants shift

Dynamic Efficiency

Involves value judgements about what 'should be' in the economy

Normative Economics

When a third party is affected by a transaction between two or more parties

Externality

The concept that resources are limited compared to human needs and wants

Relative Scarcity

Deals with objective and positive statements about economic phenomena ('what is')

Positive Economics

The act of giving something up in order to gain something else

Trade Offs

An economic system where the government owns the resources but the market drives choices around resource allocation

Market Socialism

There is an appropriate allocation of resources between current and future consumption

Intertemporal Efficiency

An economic system where the government both owns the resources and makes decisions around resource allocation

Planned Socialism

An economic system where resources are allocated based on the forces of supply and demand and are privately owned

Market Capitalism

An economic system where resources are privately owned and decisions about resource allocation are made by the government

Planned Capitalism

Human effort used to produce goods and services

Labour Resources

The optimal distribution of goods in an economy that meets the needs and wants of society

Allocative Efficiency

A tax on imports

Tariff

An individual's or nation's access to goods and services

Material Living Standards

How much output can be produced with a given set of inputs

Productivity

Refers to quality of life factors

Non-Material Living Standards

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