| A | B |
|---|
| economy | a systgem pf production, distribution, and consumption of economic goods |
| economic resources | capital used in an economy to produce material goods and services |
| earth capital | goods and services produced by earth's natural processes |
| manufactured capital | items made from earth capital |
| human capital | people's physical and mental talents |
| mixed economic system | a mix between pure command and pure market |
| GNP | gross national product; market value in current dollars of all goods and services produced by an economy for a year |
| real GNP | GNP adjusted for inflation |
| NEW | estimates th ecosts of pollution and other "negative" goods and services |
| internal costs | direct costs paid for by seller and the buyer |
| external costs | extracting and processing raw materials the make the propel cars disturbs land |
| full pricing | internal costs and external costs |
| cost-benefit analysiss | comparing the estimated short-term and long-term costs and benefits |
| discount rate | estimate of how much economic value a resource will have in teh future compared with present value |
| poverty | not being able to meet on'e basic economic needs |
| trickle-down approach | if the rich are doing well it will affect the poor |
| sustainable-earth economics | not degrading the earth for products |
