Economics - key terms 0.0 / 5 ? EconomicsCompetitive marketsASAll boards Created by: alfiemorris99Created on: 14-12-15 08:53 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. 1 of 6 Law A theory or model which has been verified by empirical evidence. 2 of 6 Normative economics The study and presentation of policy prescriptions involving value judgements about the way in which scarce resources are allocated. 3 of 6 Normative statement A statement which cannot be supported or refuted because it is a value judgement. 4 of 6 Positive economics The scientific or objective study of the allocation of resources. 5 of 6 Positive statement A statement which can be supported or refuted by evidence. 6 of 6
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