Keywords test

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  • Created by: Mahdi
  • Created on: 16-03-13 13:47
Resources that are limited or finite
Scarce resources
1 of 15
Cost expressed in terms of the next best alternative that is foregone
Opportunity Cost
2 of 15
Resources are scarce but wants are unlimited
Basic economic problem
3 of 15
A diagram that shows all the combinations of two goods that can be produced when all factors of production are being used.
Production possibility frontier
4 of 15
A good that has no opportunity cost.
Free good
5 of 15
An economic statement that is based on a value judgement
Normative economic statement
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An economic statement that can be tested in order to determine whether or not it is true
Positive economic statement
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Natural resources that are used for production.
Land
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Human resources that are used for production.
Labour
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Manufactured goods that are used for production.
Capital
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Risk taking in the production process.
Enterprise
11 of 15
A demand curve shows how much people are willing and able to buy at each price.
Demand curve
12 of 15
A supply curve shows how much suppliers are willing and able to supply at each price
Supply curve
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Goods or services that are frequently consumed together
Complementary goods
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Goods or services that can be used instead of each other.
Substitute goods
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Other cards in this set

Card 2

Front

Cost expressed in terms of the next best alternative that is foregone

Back

Opportunity Cost

Card 3

Front

Resources are scarce but wants are unlimited

Back

Preview of the front of card 3

Card 4

Front

A diagram that shows all the combinations of two goods that can be produced when all factors of production are being used.

Back

Preview of the front of card 4

Card 5

Front

A good that has no opportunity cost.

Back

Preview of the front of card 5
View more cards

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