1.1.1 - 1.1.3 Economics as a Social Science Flashcards

1
Q

Positive Statements

A

Objective statements that can be tested

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2
Q

Ceteris Paribus

A

All other influencing factors are held constant

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3
Q

Normative Statements

A

Subjective statements/value judgments that cannot be tested

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4
Q

Economic Problem

A

Infinite want but finite resources

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5
Q

Factors of Production

A

Capital: Goods made that are used to supply other products
Enterprise: Organise factors of production and take risks
Land: Natural resources
Labour; Quantity and Quality of human input in production

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6
Q

Capital goods

A

Used to make consumer goods and services

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7
Q

Non-renewable resources

A

Finite in supply

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8
Q

Renewable resources

A

Replaceable if rate of extraction is less than natural rate resource renews

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9
Q

Opportunity cost

A

Cost of alternative that is given up/forgone when a choice is made

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10
Q
A
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