Some examples from this set of practice questions
1.
Positive statements
Answer: They are objective statements. They are based on facts that can be tested as true or false by investigating the evidence
2.
Normative statements
Answer: They are subjective statements. They are based on value judgements that cannot be tested as true or false by investigating the evidence
3.
Opportunity cost
Answer: It is the next best alternative forgone
4.
Renewable/ sustainable resources
Answer: Resources which replenish naturally after use and can be used again and again
5.
Non-renewable resources
Answer: Resources which will eventually be exhausted upon continued consumption. They are finite resources.
6.
Sustainability
Answer: The consumption of resources at a rate that will ensure its availability for the future generations
7.
Economic goods
Answer: Goods that use up scarce resources in their production and their consumption has an opportunity cost
8.
Free goods
Answer: Resources which are so abundant that their availability is not a constraint on economic activity. Their consumption has no opportunity cost
9.
Production possibility frontier
Answer: Shows the maximum output combinations of two goods that an economy can produce when all its resources are fully and efficiently employed
10.
Consumer goods
Answer: They directly provide satisfaction (utility) to consumers
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller NazifaNawer. Stuvia facilitates payment to the seller.
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
93547 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
