MICRO AS Flashcards
1
Q
POSITIVE STATEMENT
A
A STATEMENT WHICH HAS FACT WHICH CAN BE SCIENTIFICALLY TESTED TO BE CORRECT OR INCORRECT
2
Q
NORMATIVE STATEMENT
A
A STATEMENT WHICH INCLUDES A VALUED JUDGEMENT AND CANNOT BE PROVED WRONG BY LOOKING AT EVIDENCE
3
Q
NEED
A
SOMETHING WHICH IS NECESSARY FOR HUMAN SURVIVAL
4
Q
WANT
A
SOMETHING WHICH IS DESIRABLE
5
Q
ECONOMIC WELFARE
A
WELL BEING OF AN INDIVIDUAL
6
Q
FACTORS OF PRODUCTION
A
INPUTS INTO THE PRODUCTION PROCESS SUCH AS LAND, CAPITAL, LABOUR AND ENTERPRISE
7
Q
PRODUCTION
A
A PROCESS THAT CONVERTS INPUTS INTO OUTPUTS OF GOODS
8
Q
CAPITAL GOOD
A
A GOOD WHICH IS USED IN PRODUCTION
9
Q
CONSUMER GOOD
A
A GOOD WHICH IS CONSUMED BY INDIVIDUALS TO SATISFY NEEDS AND WANTS
10
Q
FINITIE RESOURCE
A
A RESOURCE WHICH IS SCARCE - NON RENEWABLES
