LS4 - Economic Statements Flashcards
1
Q
Objective Statements
A
Based on real facts and not influenced by personal beliefs/feelings.
2
Q
Subjective Statements
A
Influenced or based on personal beliefs/feelings.
3
Q
Positive Economic Statements
A
Can either be true or false
4
Q
Normative Economic Statements
A
Based on opinions and therefore there’s no right or wrong answer.
5
Q
How Do Governments Use Economic Statements
A
To help them when making a decisions.
6
Q
What Is A Duty?
A
Tax paid on goods that are imported/bought.
