Theme 1- Introduction to Markets and Market Failure Flashcards
(8 cards)
1
Q
Positive statement
A
Objective statements that can be tested, amended or rejected by referring to the available
evidence.
2
Q
Normative statement
A
Subjective statements and may carry value judgments.
3
Q
What is the economic problem?
A
The basic economic problem is about scarcity and choice, finding efficient and fair ways to meet infinite wants with finite resources.
4
Q
Factors of production
A
Capital
Enterprise
Land
Labour
5
Q
A
6
Q
A
7
Q
A
8
Q
A
