economics unit 1 flashcards 1.5 / 5 based on 2 ratings ? EconomicsASAQA Created by: paulCreated on: 02-01-13 17:48 Free good. A good that has no opportunity cost 1 of 7 Opportunity Cost. an opportunity cost is the cost of making one thing as a possible to making something else 2 of 7 Production possibility frontier. A diagram that shows all the combinations of two goods that can be produced when all factors of production are being used. 3 of 7 Normative economic statement. An economic statement that is based on a value judgement. 4 of 7 Positive economic statement. An economic statement that can be tested in order to determine whether or not it is true 5 of 7 Complementary goods Goods or services that are frequently consumed together. 6 of 7 Formula for cross elasticity of demand % change in quantity demanded of good A % change in price of good B 7 of 7
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