Normative economics forms ________ based on
Positive statements ,facts
Opinions ,personal values
Positive statement ,value
Opinions ,facts
_______ refers to investments in financial instruments,like stocks and bonds or the funds that are used to buy financial instrument like stock and bonds .
Physical capital
Financial capital
Human capital
Capital
The opportunity cost of a good is
The time lost in finding it .
The quantity of other goods sacrificed to get another unit of that good .
The expenditure on the good
The loss of interest in using savings .
In the mixed economy
Economic problems are solved by the government and market
Economic decisions are made by the private sector and free market
Economic allocation is achieved by the invisible hand
Economic questions are solved by government departments .
In a free market
Governments intervene
Governments plan production
Government interfere
Prices adjust to coincide scarcity and desires .
______ refers to raising the standard of living and well being of people .
Economic development
Economic growth
Macro economics
Micro economics
________ capital also known as environmental capital .
Natural capital
Social capital
Microeconomics is concerned with
The economy as a whole
The electronics industry
The study of individual economic behaviour
The interactions within the entire economy .
__________ is development that meets the needs of the present without compromising the ability of failure generations to meet their own needs .
Sustainable development
Social development
_________ is the situation in which available resources or factors of production are finite whereas wants are infinite .
Scarcity
Distribution of income
Production
Capital formation
