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micro 1.1 economic methodology and the economic problem

This class was created by Brainscape user darcey babet. Visit their profile to learn more about the creator.

By: darcey babet
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Decks in this class (5)

1.1.1 Economic methodology
Economics is the study of,
Positive economic statements,
Normative economic statements
3  cards
1.1.2 The nature and purpose of economic activity
Need definition,
Want definition,
Economic welfare
3  cards
1.1.3 Economic resources
The four factors of production,
Capital,
Enterprise
5  cards
1.1.4 Scarcity, choice and the allocation of resources
Fundamental economic problem is,
Scaricty,
3 questioned to be considered
4  cards
1.1.5 Production possibility diagrams
Factors causing an outward shift ...,
Factors causing inward shift to ppc
2  cards

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micro 1.1 economic methodology and the economic problem

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