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6 Cards in this Set
- Front
- Back
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Finite resources |
Not unlimited |
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Scarce resources |
Useful but not available in unlimited quantities |
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Opportunity cost |
Best alternative - Choosing economics over other subjects |
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Trade-off |
Looking at a balance between two choices, choosing more of one and less of the other - Taxi driver has to consider a trade of between how many hours he works and how much income he makes - School work and jobs |
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Positive economics/statements |
Testable as factual or false, normally observed or there is evidence |
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Normative economics |
Opinion and judgement - involve ideas on what should be done |
