Micro

• Short-Termism

  the tendency for government to focus excessively on short-term performance objectives at the expense of longer-term strategic objectives e.g. lowering income tax
• Scarcity

  a situation in which unlimited wants exceed the finite resources available to fulfill those wants
• Ceteris Paribus

  'all other things being equal
• Positive Statement

  objective statements that can be proved e.g. homelessness is currently at 5% in Cambridge
• Normative Statements

  opinions that contain value judgments
• Value Judgments

  judgments about society that cannot be quantified and tested e.g. homelessness is too high in Cambridge