economics

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  • Created by: meric
  • Created on: 08-04-16 11:56
production possibility frontier
a curve that shows the maximum potential output for all other goods in the economy using all the available resources
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a positive statement
a statement that can be verified by resorting to fact or further investigation
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normative statement
A statement which contains a value judgement and CANNOT be verified by resorting to fact or further investigation
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specialisation
The production of a limited range of goods by an individual, firm or country in cooperation with others to complete a full range of goods
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opportunity cost
the cost of any choice in terms of the next best alternative forgone
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scarcity
there are finite resources compared to infinite human wants, so choices have to be made about how to use those resources
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renewable resources
a resource whose stock level can be replenished naturally over a period of time
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non-renewable resources
a resource whose stock level decreases over time, as it is consumed
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consumer good
a good, that directly provides utility to consumers. it is wanted for the satisfaction that it gives
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capital good
a good, that is used to produce consumer goods or services and is wanted for the consumer goods and services it can produce
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money
an asset that is acceptable for exchange in payment for goods and services or debt
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free market economy
an economic system where all resources are allocated through the market forces of supply and demand rather than through government intervention
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command economy
an economic system where all resources are allocated by the government
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Card 2

Front

a statement that can be verified by resorting to fact or further investigation

Back

a positive statement

Card 3

Front

A statement which contains a value judgement and CANNOT be verified by resorting to fact or further investigation

Back

Preview of the back of card 3

Card 4

Front

The production of a limited range of goods by an individual, firm or country in cooperation with others to complete a full range of goods

Back

Preview of the back of card 4

Card 5

Front

the cost of any choice in terms of the next best alternative forgone

Back

Preview of the back of card 5
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