Economics Revision 0.0 / 5 ? EconomicsEconomic MethodologyASAQA Created by: TefCreated on: 22-10-15 19:38 What is a positive statement? A statement of a fact that can be scientifically tested to see if it is correct or incorrect. 1 of 8 What is a normative statement? A statement that includes a value judgement and cant be refuted just by looking at evidence. 2 of 8 What is a need? Something that is required for human survival 3 of 8 What is a want? Something that is desirable, but is not necessary for human survival. 4 of 8 What are the key economic decisions? What to produce, how to produce, who is to benefit from the goods and services produced 5 of 8 What are the 4 factors of production? Land, labour, capital, enterprise 6 of 8 What is the fundamental economic problem? how best to make decisions about the allocation of scarce resources among competing uses so as to improve and maximize human happiness and welfare. 7 of 8 What is opportunity cost? The cost of giving up the next best alternative. 8 of 8
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