1.1.1 and 1.1.2 and 1.1.3 Flashcards
1
Q
What does ceteris paribus mean?
A
All other factors held constant
2
Q
What’s a positive statement?
A
A statement that’s a fact and can be proven true or false.
3
Q
What’s a normative statement?
A
A statement that’s an opinion that cannot be proven true or false.
4
Q
What does it mean when a good is scarce/scarcity?
A
When demand is much more than available supply.
5
Q
What’s a renewable resource?
A
A resource that stock levels decrease over time and can be replenished naturally.
6
Q
What’s a non-renewable resource?
A
A resource that stock levels decrease over time and cannot be replenished.
7
Q
What’s opportunity cost?
A
The next best alternative foregone.
