AS Edexcel Economics Unit 1 Defitinitions

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Production possibility frontier/ curve
A curve that shows the maximum combination of two goods that can be produced in an economy if all resources are fully and efficiently utilised
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Opportunity cost
the next best alternative foregone
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Economic growth
when there is an outward shift of PPF
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Specialisation/ division of labour
when a task is broken into many small repetitive parts each done by a small group of people or individuals
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. Labour productivity
output per worker
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Capital productivity
output per capital/ machine employed
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Positive statement
a statement that can be testified/ verified true or false by referring to available evidence/ a statement that its truth cannot be argued
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Normative statement
a statement that contains subjective/ value judgement that cannot be testified/ a statement that is arguable
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Command/ centrally planned economy
an economic system where government, through a planning process will allocate resources in society
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Other cards in this set

Card 2

Front

Opportunity cost

Back

the next best alternative foregone

Card 3

Front

Economic growth

Back

Preview of the front of card 3

Card 4

Front

Specialisation/ division of labour

Back

Preview of the front of card 4

Card 5

Front

. Labour productivity

Back

Preview of the front of card 5
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