IB Economics HL|139 Questions with 100% Correct Answers | Verified | Updated 2024

Ceteris paribus - ️️all other things are being held equal positive economics - ️️matters of economics that can be proven to be right or wrong by looking at the facts normative economics - ️️matters of economics that are based upon opinion and so are incapable of being proven to be right or wrong scarcity - ️️the limited availability of economic resources relative to societys unlimited demand for goods and services land - ️️the physical factor of production. It consists of natural resources labour - ️️the human factor of production. It is the physical and mental contribution of the existing work force to production capital - ️️the factor of production that is made by humans and is used to produce goods and services. It occurs as a result of investment entrepreneurship - ️️the factor of production involving organizing and risk-taking opportunity cost - ️️is the next best alternative foregone when an economic decision is made free good - ️️goods or services which are unlimited in supply and have no opportunity cost. the have unlimited supply at market price zero