Microeconomics 3.1.1: The Economic Problem 3.0 / 5 based on 2 ratings ? EconomicsThe Economic ProblemASAll boards Created by: Niall ShawCreated on: 23-09-13 16:08 A kind of statement that can be proved right or wrong. Positive 1 of 14 A kind of statement that is based on an opinion. Normative 2 of 14 These influence economic decision making and government policy. Value Judgements 3 of 14 The economic problem exists because there are a finite amount of these. Resources 4 of 14 The economic problem exists because there are an infinite amount of these. Wants 5 of 14 Something, often money or a prize, offered to make someone behave in a particular way. Incentive 6 of 14 Unemployed resources means that an economy is being this. Inefficient 7 of 14 The cost of the next best alternative forgone. Opportunity Cost 8 of 14 An economic resource. Land 9 of 14 An economic resource. Labour 10 of 14 An economic resource. Capital 11 of 14 An economic resource. Enterprise 12 of 14 If an economy devotes more resources to producing one good, yet capital remains constant; this law will apply. Diminishing Returns 13 of 14 The expansion of productive capacity is known as... Economic Growth 14 of 14
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