A statement involving a value judgement that is about what ought to be. Contains a value judgement. Usually contains "should". They are objective.
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An expansion in the productive capacity in the economy.
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A situation that arises because people have unlimited wants in the fact of limited resources.
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A good that is not scarce and therefore is available without limits. Available in as great a quantity as desired with zero opportunity cost to society. E.G. Earth's atmosphere.
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The basic economy problem
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Choices
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In decision making the value of the next best alternative.
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Economic Agents
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Make choices about their expenditure. Take decisions about their supply of labour.
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Make choices about what to produce. What techniques to use. The price in which they can sell (important in economic analysis)
