economic methodology Flashcards
(23 cards)
1
Q
ceteris paribus
A
all other things remaining constant
2
Q
factors that could affect demand
A
Weather
i
Fashion
Competitors
Advertisement
P
Substitutes
3
Q
capital
A
man made aids to production (schools, hospitals)
4
Q
enterprise
A
people who take the risk to make profit
5
Q
labour
A
workers
6
Q
positive statement
A
tested using evidence (objective and fact based)
7
Q
4 steps to economic methodology
A
- observation
-forming hypothesis
-predictions
test predictions
8
Q
normative statement
A
opinions
cant be tested
9
Q
opportunity costs
A
the cost of the next alternative forgone
10
Q
A
11
Q
A
12
Q
A
13
Q
A
14
Q
A
15
Q
A
16
Q
A
17
Q
A
18
Q
A
19
Q
A
20
Q
A
20
Q
A
21
Q
A
22
Q
A
23
Q
A
