Summary
Summary economic problem
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statementPositive statements statements of fact that can be tested using :
evidence
↳ If then .
. .
. . . . . .
will lead to . . .
* To mane predictions for the future
↳ To
reduce uncertainty
Normative statement statements of opinion and value judgement :
4) . .
-
should . . . .
_ .
Ought to . . .
.
. - must . . .
↳
To look at different Polls
Economic Problem
Need A :
necessity for survival
want :
something you can live without but is desirable
Scarcity Having :
a limited number of resources but an unlimited number of want
Basic flow mic Problem To be able to :
allocate the limited number of resources efficiently
factors of Production
Capital Man-made input into the production process Economic Goods : Have a degree of scarcity
:
Enterprise Management of the other :
3 FOP Free Goods : Have two opportunity costs
labour Human input into the production :
process
land :
Area used to create the area of production
Role of economic agent
Households → To demand goods + services
To make a choice between want leisure
Firms → To produce goods + services
Government → To set rules +
regulations
↳ to encourage competition
↳ to increase productivity + reduce strain on public services
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