The resources in an economy :
Are always fixed
Can never decrease
Always increase overtime
Are limited at any moment in time .
__________ includes the physical and mental effort that people contribute to the production of goods and services .
Land
Labour
Capital
Organization
Normative economics forms ________ based on
Positive statements ,facts
Opinions ,personal values
Positive statement ,value
Opinions ,facts
________ capital also known as environmental capital .
Physical capital
Human capital
Natural capital
Social capital
__________ is development that meets the needs of the present without compromising the ability of failure generations to meet their own needs .
Sustainable development
Economic development
Economic growth
Social development
Macroeconomics is the study of
Individual building blocks in the economy .
The relationship between different sectors of the economy .
Household purchase decisions
The economy as a whole
Economics is the study of
Production Technology
Consumption decisions
How society decides what ,how and for whom to produce
The best way to run society
____ is used to produce more goods and service in the future .
An Outward shift the production possibility frontier may be caused by
An increase in demand .
More government spending
Better training of employees.
Productive efficiency .
In a free market
Governments intervene
Governments plan production
Government interfere
Prices adjust to coincide scarcity and desires .
