Economics Revision

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  • Created by: Tef
  • Created on: 22-10-15 19:38
What is a positive statement?
A statement of a fact that can be scientifically tested to see if it is correct or incorrect.
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What is a normative statement?
A statement that includes a value judgement and cant be refuted just by looking at evidence.
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What is a need?
Something that is required for human survival
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What is a want?
Something that is desirable, but is not necessary for human survival.
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What are the key economic decisions?
What to produce, how to produce, who is to benefit from the goods and services produced
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What are the 4 factors of production?
Land, labour, capital, enterprise
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What is the fundamental economic problem?
how best to make decisions about the allocation of scarce resources among competing uses so as to improve and maximize human happiness and welfare.
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What is opportunity cost?
The cost of giving up the next best alternative.
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Other cards in this set

Card 2

Front

What is a normative statement?

Back

A statement that includes a value judgement and cant be refuted just by looking at evidence.

Card 3

Front

What is a need?

Back

Preview of the front of card 3

Card 4

Front

What is a want?

Back

Preview of the front of card 4

Card 5

Front

What are the key economic decisions?

Back

Preview of the front of card 5
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