Microeconomics - Booklet 1: Key Terms 0.0 / 5 ? Economics4.1.1 Economic methodology and the economic problemASAQA Created by: JOFDCreated on: 02-04-16 19:04 A curve to show the maximum combination of goods and services which can be produced in a set period of time with a given set of resources. Production Possibility Frontier 1 of 5 Statements about what is i.e. about facts Positive Economics 2 of 5 An economy where the market forces of supply and demand guide the allocation of resources Market Economy 3 of 5 A situation that arises due to unlimited wants and limited resources Scarcity 4 of 5 The way in which society's productive assets are used amongst their alternative uses Resource Allocation 5 of 5
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