Economics 1 0.0 / 5 ? EconomicsResource allocationASAQA Created by: SophCreated 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
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