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Normative Economics
Economic Statements that involve judgements -Ex The government should raise the minmum wage
Positive economics
Economic statements that are factual- Example: The government will raise the minimum wage
Four economic resources
Land, Labor, Capital and entrepreneurial abiliy
Questions related to the market system
what to produce, how to produce, who obtains the output, how to adjust to change, and how to promote technological progress
Substitue good example and definition
Coffee and tea- a product that can be easily replaced by another similar one
Complimentary good example
Car and gas
Luxury good example
Designer purse
Normal good example
Appliances- product that exhibits a direct relationship between demand and income
Inferior good example
great value groceries
Price floor definiation and example
The legal minmum price of somthing a example is rent
Price ceiling example
A legalw requirement of a price not going over a certain level