Economics : micro : Chapter 1 0.0 / 5 ? EconomicsChapter 1ASAQA Created by: cbloomerCreated on: 31-05-20 18:02 Ceteris Paribus Meaning 'all other things remains unchanged'. When one element of a model changes and the other elements are held constant. 1 of 6 An economy Made up of producers, consumers, employees and goverments. 2 of 6 What is the central purpose of an economic activity? Is the production of goods and services to satisfy people's needs and wants. 3 of 6 Open economy Is one that trades with other countries. The more open it is, the more trade it does abroad. 4 of 6 Normative economics Involves value judgements. A view or opinion. 5 of 6 Positive economics Involves testable theories. A statement that can be tested and chosen right OR wrong 6 of 6
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