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10 Cards in this Set
- Front
- Back
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Scarcity |
An excess of human wants and needs compared to the availability of resources available |
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Positive statement |
Can be tested |
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Normative statement |
Based on an opinion; cannot be tested |
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Specialisation |
Production of a limited range of outputs by an individual, firms or economy, then trading to satisfy other wants and needs |
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Division of labour |
When a workforce is divided into individual jobs to speed up a process |
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Opportunity cost |
The benefit that would have been derived from the next best alternative foregone |
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PPF |
Is the model of a simple economy producing two good using limited resources |
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Demand |
The quantity of a good or service consumers are willing and able to buy at a given price over a period of time |
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Supply |
The quantity of a good or service producers are willing and able to sell at a given price over a period of time |
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PED |
Measures the proportion of responsiveness of demand to the proportionate change in price |
