1.1 The nature of economics 0.0 / 5 ? EconomicsMarket failureA2/A-levelEdexcel Created by: Max OscarCreated 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
OCR economics, global economy economic growth chapter notes 5.0 / 5 based on 1 rating Teacher recommended
How the macroeconomy works: the circular flow of income, aggregate demand/aggregate supply analysis and related concepts 0.0 / 5
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