micro economics vocab theme1
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9 Terms
positive economics
a statement about what is
normative economics
a statemen that involves a value judgement about what ought to be
scarcity
when people have unlimited wants in the face of limited resources
non renewable resources
naturals that once used cannot be replenished and are depleted- coal, oil
renewable resources
natural resources that can be replenished - forest, solar, wind, tidal
marginal utility
the additional utility gained by the consumption of an additional product
opportunity cost
the value of the next best alternative forgone
ceteris paribus
focusing on changes in one variable whilst keeping the others constant
factors of production
resources used in the produuctrion process- labour land capital enterprise