Economics 1

HideShow resource information
  • Created by: Soph
  • Created on: 30-12-15 14:24
Positive statement
A statement of fact that can be tested to see if it is correct or incorrect
1 of 11
Normative statement
A statement that includes valued judgements
2 of 11
Capital good
A good which is used in the production of other goods or services
3 of 11
Consumer good
A good which is consumed by individuals or households to satisfy their wants and needs
4 of 11
Factors of production
Inputs in the production process such as; Land, Labour, Capital, Enterprise
5 of 11
Scarcity
The idea that people hae unlimited wants but finite resources
6 of 11
Opportunity cost
The next best alternative forgone
7 of 11
Full employment
This is when all who are able and willing to work are employed
8 of 11
Unemployment
This is when those who are able to and will to work are not employed
9 of 11
Resource allocation
When available factors of production are assigned to produce different goods and services
10 of 11
Productive efficiency
When it is impossible to produce more of one good without producing less of another
11 of 11

Other cards in this set

Card 2

Front

A statement that includes valued judgements

Back

Normative statement

Card 3

Front

A good which is used in the production of other goods or services

Back

Preview of the back of card 3

Card 4

Front

A good which is consumed by individuals or households to satisfy their wants and needs

Back

Preview of the back of card 4

Card 5

Front

Inputs in the production process such as; Land, Labour, Capital, Enterprise

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Resource allocation resources »