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What is a positive statement?
What is a normative statement?
What role do value judgments have in economics?
Why does scarcity exist?
Name the 4 factors of production
What do production possibility frontiers show?
If a country is operating on its PPF what does that mean?
Give 4 reasons that the PPF would shift outwards
Give an example of something that would cause the PPf of a country to shift inwards
What is an advantage of specialisation?
When does specialisation have more disadvantages and what are they?
How does the division of labour work?
Give 5 reasons for increased production due to specialisation
What are 3 disadvantages of the division of labour
What are the 4 functions of money?
Name 4 advantages of a free market economy
What are the 6 disadvantages of a free market economy?
Give 5 advantages of a command economy
What are the disadvantages of a command economy?
Which economists supported:
Free market economies
Command Economies
Mixed Economies
What is the role of the state in a mixed economy?
