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7 Cards in this Set
- Front
- Back
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Production Possibility Frontier |
A curve which shows the maximum possible outputs of two goods or services using a fixed amount of inputs. |
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Demand |
The quantity of a paricular good or service that will be brought at any given price over a period of time. |
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Price Elasticity of demand |
Looks at a response to demand after a change in price. |
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Cross Elasticity of Demand |
A measure of responsiveness of quantity demanded of one good to a change in price of another good. |
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Positive Statements |
This is a objective statement that can be tested by referring to available evidence. |
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Normative Statement |
This type of statement is subjective and contains a clue judgement - they're opinions. |
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List the 4 factors of production |
Land - the natural resources in and on it Labour - work done by people Capital - used in producing goods and services Enterprise - willingness to take a risk to make profit |
