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1.1 The Nature Of Economics Defenitons
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- 1Ceteris paribusother things being equal
- 2Positive statementcan be proved and tested
- 3Normative statementvalue judgements - subjective
- 4Scarcityresources are finite, wants are infinite
- 5Factors of productionLand, Labour, Capital, Enterprise
- 6Renewable resourcesstock levels can be maintained at a certain level
- 7Non-Renewable resourcesthose which will eventually be completely depleted
- 8Opportunity costsomething that is forgone
- 9Production Possibility Frontier (PPF)illustrates the maximum potential output of an economy when all resources are fully employed
- 10Marginal analysisconsideration of the impact small changes make on the current situation
- 11Economic Growthincrease in the productive capacity of the economy indicating a decrease in real output
- 12Economic Declinedecrease in the productive capacity of the economy indicating a decrease in real output.
- 13Division of Labourwhen work is split up into small tasks
- 14Free Market Economyrefers to all the buyers and sellers of a product or service who determine its price
- 15Command Economyresources are allocated by the state
- 16Mixed Market Economya free market economy and a command economy
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- 1.1 nature of economics defentions
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- Jesse McNab
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