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9 Cards in this Set
- Front
- Back
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Ceteris Paribus |
Comparing the relationship between two variables assuming all other factors are constant |
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Positive statement |
Can be tested as true or false by referring to facts |
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Normative statement |
A statement that is someone’s predicted outcome |
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Value judgement |
Personal economic beliefs that underpin normative statements |
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Scarcity |
Limited resources but unlimited wants |
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Economic problem |
How best to allocate scarce resources between alternative uses |
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Opportunity cost |
The next best alternative when choosing how to spend scarce resources |
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Renewable resources |
Resources that will replenish over time |
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Non-renewable resources |
Resources that will not replenish over time |
