AS Micro-economic keyterms

HideShow resource information
Ceteris Paribus
All things being equal
1 of 14
Positive Statement
are statements that are backed up by evidence or can be backed up by evidence. These types of statements are normally facts
2 of 14
Normative Statement
are simply valued judgements, opinions
3 of 14
Scarce resources
are resources that are limited in supply
4 of 14
Opportunity Cost
is the value of the next best alternative forgone
5 of 14
Renewable resources
are resources that can be used over and over again as there are unlimited. For example, water, wind and solar energy
6 of 14
Non-renewable resources
are resources that are finite, this means they can only be used once as they are limited. For example, oil
7 of 14
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
8 of 14
capital goods
are goods that are used in the production of making newly goods. For example, machinery, new factories etc..
9 of 14
consumer goods
are the end result of the production process of capital goods
10 of 14
Consumer durables
are products that provide a steady flow of satisfaction over their working life. For example, washing machines, phones , laptops etc..
11 of 14
Consumer non-durables
are products that are used in the act of consumption.For example, turning on the heating
12 of 14
consumer services
for example, haircuts, cinema tickets etc..
13 of 14
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 )
14 of 14

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

Card 3

Front

Normative Statement

Back

Preview of the front of card 3

Card 4

Front

Scarce resources

Back

Preview of the front of card 4

Card 5

Front

Opportunity Cost

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all ALL OF AS MICRO-ECONOMIC KEYTERMS resources »