Keywords test 0.0 / 5 ? EconomicsASEdexcel Created by: MahdiCreated on: 16-03-13 13:47 Resources that are limited or finite Scarce resources 1 of 15 Cost expressed in terms of the next best alternative that is foregone Opportunity Cost 2 of 15 Resources are scarce but wants are unlimited Basic economic problem 3 of 15 A diagram that shows all the combinations of two goods that can be produced when all factors of production are being used. Production possibility frontier 4 of 15 A good that has no opportunity cost. Free good 5 of 15 An economic statement that is based on a value judgement Normative economic statement 6 of 15 An economic statement that can be tested in order to determine whether or not it is true Positive economic statement 7 of 15 Natural resources that are used for production. Land 8 of 15 Human resources that are used for production. Labour 9 of 15 Manufactured goods that are used for production. Capital 10 of 15 Risk taking in the production process. Enterprise 11 of 15 A demand curve shows how much people are willing and able to buy at each price. Demand curve 12 of 15 A supply curve shows how much suppliers are willing and able to supply at each price Supply curve 13 of 15 Goods or services that are frequently consumed together Complementary goods 14 of 15 Goods or services that can be used instead of each other. Substitute goods 15 of 15
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