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6 Terms
static efficiency
refers to efficiency at a point in time; split into allocative and productive efficiency
allocative efficiency
occurs when a specific combination of goods is efficient for society.
because it is specific, it refers to a point on the ppf not the whole curve
so not every point on the ppf is allocatively efficient
productive efficiency
-with all available inputs and tech. it is impossible to produce more of one good without decreasing the quantity of another good being produced
=every point on ppf is productively efficient
positive statements
objective, factually based comments that can be tested
not influenced by the opinions or prejudice of people
allow scientific testing to take place that can be accepted or rejected
normative statements
subjective,questionable comments which are difficult to test
influenced by the opinion or prejudice of people
require value judgements
value judgements
a statement that has been put forward by an individual that cannot be verified factually
