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Microeconomics

Definitions/Info

QuestionAnswer
Three Central Problems for economy to solve? For whom to produce it What to produce How to produce it
What is Scarcity ? The goods available are too few to satisfy individuals desires (having limited resources but wanting more)
What is the problem in a economy? Scarcity
The difference between a Positive and Normative Statement? Positive ~ is a fact; uses "is" in statements Normative ~ a opinion/judgment; uses "should in statements"
What is economics? A social science; positive science, a distinction of what is and should be
What creates a change in quantity demanded ? A change in price
Sunk cost meaning? a cost already incurred and can't be recovered
Created by: user-1832322
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