Economics

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what is a normative statemnt?
expresses judgments about their opinions. Word such as 'should' or 'ought'
1 of 17
fin what the market mechanism is
Allocation of resources through buyers and sellers agreeing on the same price for a product being sold
2 of 17
What is an economic system?
resource allocation and distribution of goods and services within a society of given area
3 of 17
What is a capital economy?
Focuses on creation of wealth and ownership of capital factors of production
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What is a command econpmy?
Goverment decides what is produced, for whom and how it is produced
5 of 17
What is a mixed economy?
desisions made both by govermnt and individuals
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What is a free market?
Individuals are left to allocate resourses, decide what is produced and fr whom
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What is a positive stament?
Statements that can tested. They are more objective and scientific
8 of 17
What are the factors of production?
land.labour.capital and enterpise
9 of 17
What is the difference between labour and capital intensive?
Capital is machinery used in production over labour, wheras labour is opposite
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What type of goods have no opportunity cost?
Free goods
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What type of goods are scarce meaning they have an opportunity cost?
Economic goods
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What is economic action?
Aiding welfare
13 of 17
What is the differene between finite and infinite?
Finite are limited (needs) and infinite are unlimited (wants)
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Define opportunity cost
The cost of the bes alternative which is foregone when a choice is made
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Define scarcity
A situation where there are insuffiecient resourses to meet your wants
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Define economic problem
The fact that resourses are scarce to wants that are unlimited, leading to choices being made
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Other cards in this set

Card 2

Front

fin what the market mechanism is

Back

Allocation of resources through buyers and sellers agreeing on the same price for a product being sold

Card 3

Front

What is an economic system?

Back

Preview of the front of card 3

Card 4

Front

What is a capital economy?

Back

Preview of the front of card 4

Card 5

Front

What is a command econpmy?

Back

Preview of the front of card 5
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