Micro Econonmic Allocation Flashcards
1
Q
Define positive/normative statements, value judgements, opportunity cost and the basic economic problem.
A
2
Q
What is the name of the inquiry into specialisation and division of labour + ADV/DIS ADV and define them
A
3
Q
What is a PPF and the limitations of one?
A
4
Q
What are the functions of money?
A
5
Q
What are the types of economy?
A
6
Q
ADV/DIS ADV of command and free market economies
A
