Economics - key terms

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Ceteris paribus
All things being equal; the assumption that, whilst the effects of a change in variable are being investigated, all other variables are kept constant.
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Law
A theory or model which has been verified by empirical evidence.
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Normative economics
The study and presentation of policy prescriptions involving value judgements about the way in which scarce resources are allocated.
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Normative statement
A statement which cannot be supported or refuted because it is a value judgement.
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Positive economics
The scientific or objective study of the allocation of resources.
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Positive statement
A statement which can be supported or refuted by evidence.
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Law

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A theory or model which has been verified by empirical evidence.

Card 3

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Normative economics

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Card 4

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Normative statement

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Card 5

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Positive economics

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