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Economics AS level Chapters 1 and 2
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Give an example of capital goods
Give an example of consumer goods
What can lead to economic growth?
Technology, innovation, training and education, increase in resources
What is economic growth?
Increase in the level of output by a nation
What are consumer goods?
Products that are bought by households and individuals
What are capital goods?
Products that are bought by other companies to produce other goods
Give an example of opportunity cost
What is opportunity cost?
Cost of the next best alternative foregone when making a choice
Name factors of production
Land, labor, capital, entrepreneurship
What does economics study?
Allocation of scarce resources
What does scarcity mean?
Limited amount/number of something
What does production possibility curve show?
The maximum number of goods that can be produced with all the given resources
Give an example of positive economic statement
Give an example of normative economic statement
What does PPF stand for?
Production possibility frontiers
What are normative economic statements?
Statements that are based on value judgement and can't be proven to be true or false
What are positive economic statement?
Statements that can be proven to be true or false
How does ceteris paribus help in economics
To simplify conditions and make assumptions
What does 'ceteris paribus' mean?
All other things are equal
What is the basic economic problem?
Wants are unlimited but resources are scarce
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