AS Edexcel Economics Unit 1 Defitinitions 0.0 / 5 ? EconomicsCompetitive marketsASEdexcel Created by: Abi WoodrowCreated on: 16-01-15 15:03 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 1 of 9 Opportunity cost the next best alternative foregone 2 of 9 Economic growth when there is an outward shift of PPF 3 of 9 Specialisation/ division of labour when a task is broken into many small repetitive parts each done by a small group of people or individuals 4 of 9 . Labour productivity output per worker 5 of 9 Capital productivity output per capital/ machine employed 6 of 9 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 7 of 9 Normative statement a statement that contains subjective/ value judgement that cannot be testified/ a statement that is arguable 8 of 9 Command/ centrally planned economy an economic system where government, through a planning process will allocate resources in society 9 of 9
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