Economic methodology 0.0 / 5 ? EconomicsEconomic methodologyASAQA Created by: amyclaireCreated on: 12-03-17 17:58 Opportunity Cost The cost of the next best option which has been forgone (the thing you give up) 1 of 8 The Economic Problem How best to allocate resources amongst competing uses 2 of 8 Economic goods Goods that are scarce and involve opportunity cost 3 of 8 Free goods Goods which have no opportunity cost 4 of 8 Division of labour Dividing up of the production process into clearly separate roles and encouraging workers to specialise in a particular role 5 of 8 Capital goods Goods used to produce other goods such as consumer goods (those used by consumers to meet needs) 6 of 8 Positive Statements Can be proven to be true or false, can be refuted by evidence 7 of 8 Normative Statements Cannot be supported or refuted, opinions about how economics and markets should work 'should' 'ought' 8 of 8
Government economic policy objectives and indicators of national economic performances DEFINITIONS 0.0 / 5
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