Study

Economics AS level Chapters 1 and 2

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