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    Economics is the study of how scarce resources are allocated to meet unlimited wants and needs. Key concepts in economics include scarcity, which refers to finite and limited resources, opportunity cost, which is the value of the next best alternative when an economic choice is made, and ceteris paribus meaning "all else equal". Positive economics deals with factual statements that can be proven right or wrong with data, while normative economics involves opinions and value judgments that cannot be objectively proven.

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    Economics is the study of how scarce resources are allocated to meet unlimited wants and needs. Key concepts in economics include scarcity, which refers to finite and limited resources, opportunity cost, which is the value of the next best alternative when an economic choice is made, and ceteris paribus meaning "all else equal". Positive economics deals with factual statements that can be proven right or wrong with data, while normative economics involves opinions and value judgments that cannot be objectively proven.

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    9 views1 page

    Copia de Economics

    Uploaded by

    alvaro
    Economics is the study of how scarce resources are allocated to meet unlimited wants and needs. Key concepts in economics include scarcity, which refers to finite and limited resources, opportunity cost, which is the value of the next best alternative when an economic choice is made, and ceteris paribus meaning "all else equal". Positive economics deals with factual statements that can be proven right or wrong with data, while normative economics involves opinions and value judgments that cannot be objectively proven.

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    of 1

    Economics- THE STUDY OF HOW SCARCE

    RESOURCES SHOULD BE ALLOCATED TO MEET


    WANTS AND NEEDS
    scarcity- finite/limitation of resources.

    choice- people need to decide how to allocate resources.

    opportunity cost- value of the next best alternative when an economic


    choice is made.

    economics- the study of how we can allocate scarce resources to meet


    unlimited wants and needs.

    ceteris paribus- “all else equal”

    Economics key concepts

    Positive vs Normative Economics:

    (FACTS)positive: a positive statement can be proved wrong or right by


    using data/facts.
    eg. “The group of China grew by 4.2% in 2010:” X(10.6% incorrect)

    (OPINION)negative: a normative statement is a matter of opinion which


    cannot be demonstrated as correct/incorrect.
    eg. “Spain should increase taxes for the rich.”

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