1.1 The nature of economics

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  • Created by: Max Oscar
  • Created on: 14-02-22 15:24
Positive economic statement
Are fact based
(can be proved or disproved)
1 of 5
Normative statement
Are a matter of opinion
(look for give away words e.g. should)
2 of 5
Renewable resources
Can be replaced naturally after use and will never run out
(e.g. solar power, wind power)
3 of 5
Non-renewable resources
Will eventually run out
(e.g. oil, petrol, gas)
4 of 5
Opportunity cost
The next best alternative that is forgone when a choice is made
5 of 5

Other cards in this set

Card 2

Front

Are a matter of opinion
(look for give away words e.g. should)

Back

Normative statement

Card 3

Front

Can be replaced naturally after use and will never run out
(e.g. solar power, wind power)

Back

Preview of the back of card 3

Card 4

Front

Will eventually run out
(e.g. oil, petrol, gas)

Back

Preview of the back of card 4

Card 5

Front

The next best alternative that is forgone when a choice is made

Back

Preview of the back of card 5

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