Positive/Normative Statements
Factors of Production
PPC
Economic Systems
Externalities
100
This is a factual statement that tells how the world is and can be tested
What is a positive statement
100
Businesses buy these to make goods or services
What are resources
100
This is when you make choices based on cost and benefits
What is economizing?
100
Consumers and producers answer the questions. Producers decide what to produce based on the purchases made by consumers
What is the market economy
100
This is when a market "fails" to provide a good or service, so the government needs to provide these
What are public goods?
200
"All college should be free" is an example of....
What is a positive statement
200
This is a physical object that we buy
What is a good?
200
This is a graph that shows the maximum combinations that can be produced
What is a PPC or PPF
200
Questions are answered based on tradition or the past
What is a Traditional Economy?
200
This is a benefit placed onto a third party
Positive Externality
300
This statement is an opinion that tells how things should be or ought to be, and they cannot be tested
What are normative statements?
300
Cows, Coal, Trees, and Dirt are all examples of this type of resource
What is land?
300
This point is counted as inefficient:max_bytes(150000):strip_icc()/dotdash_Final_Production_Possibility_Frontier_PPF_Apr_2020-02-e9454501b961401d85bb9ded84878dee.jpg)
What is X?
300
A combination of other types of economics. Questions are answered by individuals and the government
What is a Mixed Economy?
300
These characteristics define what a public good is
What is, people cannot be excluded, even if they don't pay, and one person's use of it does not reduce its use to another person
400
Raising the minimum wage will increase unemployment, is an example of this type of statement
What is Positive statements
400
Human effort put into producing goods and services is counted as what?
What is labor?
400
The movement from point A to point B is the change in what?
What is opportunity cost?
400
Questions are answered by the government , which controls all resources
What is a command Economy
400
This is a cost placed onto a third party
What is a Negative Externality
500
"Increasing carbon taxes will reduce greenhouse gas emissions, but it will also slow economic growth. Therefore, the government must decide whether protecting the environment is more important than maximizing GDP growth."
What is both a positive and normative statement
500
CEOs, Managers, CFO's and Business owners are all examples of what?
What is entrepreneurship?
500
Suppose the US is currently producing at point C, and then moves to point D. Based on that choice, what happens?
Less of manufactured goods are produced, or more agricultural goods are produced
500
All nations today are labeled as this type of economy
What is Mixed economy
500
Second hand smoking or pollution could be considered this type of externality
What is negative externality