Glossary - Construction Economics: A New Approach - page 315

sustainable development In general terms, developments that balance social,
environmental and economic concerns. The sustainable development agenda
recognises that decisions made today can have serious implications for future
generations. For other definitions see Table 15.1 (page 273), which includes the
most widely quoted definition from the World Commission on Environment and
Development.
sustainable investment rule A fiscal rule stating that public sector net debt as a
proportion of GDP should be held over the economic cycle at a stable level -
that is, below 40 per cent of GDP.
tax bracket A band of income to which a specific and unique marginal tax rate is
applied.
tax burden The incidence of tax within society as a whole - and the contribution in
tax of different sections of society.
theory of the firm A theory of how suppliers of any product or service make choices
in the face of changing constraints.
third party Persons external to negotiations and activities between buyers and
sellers. If person A buys a car with no brakes and then runs person B over,
person B is a third party to the deal struck between person A and the seller of
the car, and person B's suffering is a negative externality.
tightly coupled systems An industry typified by close relationships and high levels
of co-ordination between producers. For example, manufacturing displays many
tightly coupled systems. Contrast with loosely coupled systems.
total costs All the costs of a firm combined, such as rent, payments to workers,
interest on borrowed money, rates, material costs, etc.
total expenditure The total monetary value of all the final goods and services
bought in an economy during a year.
total income The total amount earned by the nation's resources (factors). National
income, therefore, includes wages, rent, interest payments and profits that are
received, respectively, by workers, landowners, capital owners and entrepreneurs.
total output The total value of all the final goods and services produced in the
economy during the year.
total revenue The price per unit times the total quantity sold.
trade-off A term relating to opportunity cost. In order to get a desired economic
good, it is necessary to trade off some other desired economic good whenever we
are in a world of scarcity. A trade-off involves the sacrifice that must be made in
order to obtain something.
transaction costs All the costs associated with exchanging, such as the informational
costs of finding out price and quality, service record and durability, and the cost
of enforcing the contract.
transfer payments Money payments made by governments to individuals for which
no services or goods are concurrently rendered. Examples are social security
payments and student grants.