Unit 1 - Economic methodology and the economic problem

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6 Terms

1
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Ceteris Paribus

all other things being equal

2
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Positive statement

They are objective and can be tested with factual evidence, and can consequently be rejected or accepted.

3
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Normative statement

Statements based on value judgements. They are subjective and based on opinions.

4
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Factors of production

Capital, Enterprise, Land, Labour

5
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Opportunity cost

The value of the next best alternative forgone

6
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