Introduction + Econ Problem Flashcards
1
Q
What is positive statement
A
Facts
2
Q
What is normative statement
A
Opinions
3
Q
Facts
A
Positive Statement
4
Q
Opinions
A
Normative Statement
5
Q
What is the Basic Economic Problem
A
Scarcity; resources are limited, but humans have unlimited wants
6
Q
What is economic goods?
A
Scarce resources (e.g computers)
7
Q
What is free goods?
A
Not scarce resources (e.g air)
8
Q
Problem of free goods?
A
Free goods are decreasing
