Economics Unit 1

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  • Created by: jfdnj
  • Created on: 11-02-13 21:35
What does PED mean?
The responsiveness of demand to a change in price.
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What is a Normative Statement?
A valued judgement.
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Consumer Surplus
Different between amount willing to pay and actual amount spent. Below demand curve and above price line.
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Reason for PPF curve shifting inwards?
Natural disaster (Earthquake)
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What is a positive statement?
A valued judgement.A statement that can be tested and includes facts or statistics.
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Producer Surplus
Difference between amount willing to supply at and actual amount. Above supply curve, below price line.
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Other cards in this set

Card 2

Front

What is a Normative Statement?

Back

A valued judgement.

Card 3

Front

Consumer Surplus

Back

Preview of the front of card 3

Card 4

Front

Reason for PPF curve shifting inwards?

Back

Preview of the front of card 4

Card 5

Front

What is a positive statement?

Back

Preview of the front of card 5
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