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Econ
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7 Terms
1
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Resources used in the production process
CELL
2
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What do the CELL quantities give us?
Capital=interest (Jews) Enterprise= profit Land=rent Labour=wages
3
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What are the 3 economic agents?
Households(consumers and workers), Firms (producers), Govt
4
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What do the economic agents want to maximise?
Consumers= Total utility, Workers = wages + benefits of working, Firms= profit, Govt= social welfare
5
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What is a positive statement?
Description, No value judgement, OBJECTIVE, Can be proven or disproven
6
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What is a normative statement?
Expresses opinion, What it should be, SUBJECTIVE statement
7
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What is opportunity cost?
The value lost when forgoing the next best alternative.
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Flashcards (61)