Economics 0.0 / 5 ? EconomicsCompetitive marketsA2/A-levelAQA Created by: -Skhan12Created on: 10-02-19 17:53 What is the economic problem? The allocation of scarce resources in an economy to fulfil infinite wants and needs 1 of 5 What are positive statements? Objective statements that can be tested by referring to the available evidence 2 of 5 What are normative statements? Subjective statements which contain a value judgement 3 of 5 What is a free good? A useful good that is naturally abundant in supply with zero opportunity cost to society 4 of 5 ch ch 5 of 5
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