Microeconomics - Booklet 1: Key Terms

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  • Created by: JOFD
  • Created 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

Other cards in this set

Card 2

Front

Statements about what is i.e. about facts

Back

Positive Economics

Card 3

Front

An economy where the market forces of supply and demand guide the allocation of resources

Back

Preview of the front of card 3

Card 4

Front

A situation that arises due to unlimited wants and limited resources

Back

Preview of the front of card 4

Card 5

Front

The way in which society's productive assets are used amongst their alternative uses

Back

Preview of the front of card 5

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