Economics Unit 1

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  • Created by: jfdnj
  • Created on: 11-02-13 21:35

1. Producer Surplus

  • Difference between amount willing to supply at and actual amount. Below demand curve, above price line.
  • Difference between amount willing to supply at and actual amount. Above supply curve, below price line.
  • Difference between amount willing to supply at and actual amount. Below supply curve, below price line.
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2. What is a positive statement?

  • A valued judgement.
  • A valued judgement.A statement that can be tested and includes facts or statistics.
  • A statement people think is correct.

3. What is a Normative Statement?

  • A statement backed up with facts and statistics.
  • A valued judgement.
  • Someones opinion.

4. What does PED mean?

  • The responsiveness of Income to a change in price.
  • The responsiveness of demand to a change in price.
  • The responsiveness of supply to a change in price.

5. Reason for PPF curve shifting inwards?

  • Companies leave the market
  • Natural disaster (Earthquake)
  • Increased Unemployment
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