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8 Cards in this Set
- Front
- Back
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Economic Goods |
A good which is scarce and there is an opportunity cost for them |
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Free Good |
A good with zero opportunity cost. e.g. sunlight |
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Non-renewable Resource |
A resource which doesn't renew itself at a sufficient rate for sustainability |
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Renewable Resource |
Any natural resource which can be replenished naturally with the passage of time |
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Opportunity Cost |
The next best alternative foregone |
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Positive Statement |
A statement of fact that can be tested by looking at evidence and either proved or refuted. 'Inflation is 2.4% in the UK' |
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Normative Statement |
A statement which cannot be tested or proved using evidence. It is a value judgement 'Trade unions should be abolished' |
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Factors of Production |
Factors which shift the demand curve (CELL) Capital Enterprise Land Labour |
