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Theme 1 A01 RECALL > Basic Economic Problem > Flashcards

Basic Economic Problem Flashcards

1
Q

What is opportunity cost?

A

Next best alternative forgone when the choice is made

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2
Q

What is the basic economic problem?

A

There are infinite wants and finite resources we ave scarcity resources

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3
Q

What is a positive statement

A

They’re based on objective facts and can be proven or disproven

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4
Q

What is normative statement?

A

Express an opinion - they carry value judgement

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Theme 1 A01 RECALL (4 decks)

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