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5 Cards in this Set
- Front
- Back
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Normative statement |
Statements based on value judgement cannot be proved or dissproved |
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Positive statment |
Based on facts that can be proved or disproved |
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Scarcity |
Exists because resources are finite but wants are infinite |
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Factors of production |
Land Labour Capital Enterprise |
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Opportunity cost |
Is the next best alternative that is forgone when a choice is made |
