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Lecture notes

Theme 1: 1.1.2 Positive and Normative Statements

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Excellent study tool to learn or revise Positive and Normative statements from the A-level economics syllabus. Tailored to the Edexcel specification but also useful for other exam boards. Can be used by both first-year and second-year student to revise or learn and fully understand Positive and Normative statements.

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Institution
PEARSON (PEARSON)
Module
Unit 1 - Introduction to markets and market failure









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Peter Smith Edexcel A level Economics A Book 1
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  • 9781471830006
  • 1

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Study Level
A/AS Level
Examinator
PEARSON (PEARSON)
Subject
Economics A
Unit
Unit 1 - Introduction to markets and market failure
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Document information

Uploaded on
May 26, 2021
Number of pages
7
Written in
2020/2021
Type
Lecture notes
Professor(s)
Mr. payne
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All classes

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Knowledge recap
1. Define economics

2. What is an economic model?

3. Why are they needed/used?

4. What is meant by ceteris paribus?

, Ceteris Paribus
●“All other things remain the same”
●Example: there is a decrease in the price of a
good – what happens?
●Answer: people buy more of it
●BUT – at the same time, the good becomes
less ‘trendy’…..
●So – what happens if the price falls (ceteris
paribus) allows us to ignore trends and make
the assumption that nothing else changes.

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