1.11,1.12,1.13 - Social science, P/N statements, Flashcards
1
Q
what does ceteris paribus mean
A
All other things equal
2
Q
What is a social science
A
The scientific study of societies and social interaction.
3
Q
Why is the ceteris paribus assumption important
A
It would be impossible to model all factors at once.
4
Q
What are positive statements
A
Positive statements are statements which can be tested using evidence.
5
Q
What are normative statements
A
statements which involve value judgements.
6
Q
What is opportunity cost
A
The benefit given up of the next best alternative
7
Q
What is an economy
A
Any system that tries to solve the economic problem
8
Q
What are the four factors of production
A
Land, Labour, Capital, Entrepreneurship
9
Q
What are non renewable resources
A
Resources that don’t replenish
