Positive statement

Normative Statement

Need

Want

Economic welfare

Output

Production

Consumer good

Factors of Production

Land

Labour

Capital good
(producer good)

Enterprise

Finite resource
(non-renewable resource)

Renewable resource

Fundamental economic problem

Scarcity
(paucity)

Opportunity cost

Production possibility frontier
(PPF)

Economic growth

Full employment

Unemployment

Choice

Resource allocation

Productive eficiency

Allocative efficiency