are statements that are backed up by evidence or can be backed up by evidence. These types of statements are normally facts
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Normative Statement
are simply valued judgements, opinions
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Scarce resources
are resources that are limited in supply
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Opportunity Cost
is the value of the next best alternative forgone
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Renewable resources
are resources that can be used over and over again as there are unlimited. For example, water, wind and solar energy
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Non-renewable resources
are resources that are finite, this means they can only be used once as they are limited. For example, oil
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Production possibility frontier
A PPF shows the combination of output that can be produced within an economy given a fixed level of technology and limited resources that are availableq
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capital goods
are goods that are used in the production of making newly goods. For example, machinery, new factories etc..
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consumer goods
are the end result of the production process of capital goods
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Consumer durables
are products that provide a steady flow of satisfaction over their working life. For example, washing machines, phones , laptops etc..
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Consumer non-durables
are products that are used in the act of consumption.For example, turning on the heating
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consumer services
for example, haircuts, cinema tickets etc..
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Basic economic problem
is that there are limited factors of production but unlimited wants and neesds which leads people to start making choices between scarce resources ( opportunity cost )
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Other cards in this set
Card 2
Front
Positive Statement
Back
are statements that are backed up by evidence or can be backed up by evidence. These types of statements are normally facts
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