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26-11-2018

Product code Economics-Quizlet157

1Q-What is a positive statement?

2Q-What is a normative statement?

3Q-Can a positive statement be wrong?

4Q-What is the basic economic problem?

5Q-How do individuals and societies minimise the economic problem?

6Q-What are economic goods?

7Q-What are free goods?

8Q-What is opportunity cost?

9Q-What is an example of a free good?

10Q-What are the four factors of production?

11Q-What is scarcity?

12Q-What is land?

13Q-What is labour?

14Q-What is capital?

15Q-What is enterprise?

16Q-What is the reward of Land?

17Q-What is the reward of labour?

18Q-Why are employers willing to pay a higher wage/salary to more skilled labour.

19Q-What is the reward of capital?

20Q-What is the reward of enterprise.

21Q-How could a PPC shift outward?

22Q-What is productivity?

23Q-How could a PPC shift inward?

24Q-What are the advantages of specialization?

25Q-What are the disadvantages of specialization?

26Q-What are the advantages of the Free Market Economy?

27Q-What are the disadvantages of the free market economy?

28Q-What are the advantages of a centrally planned economy?

29Q-What are the disadvantages of a centrally planned economy?

 

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1Q-What is a positive statement? 1A-A statement about 'what is', a statement of fact, based on theory or evidence.

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