Normative economics forms ________ based on
Positive statements ,facts
Opinions ,personal values
Positive statement ,value
Opinions ,facts
_________ are also called gift of nature .
Natural resources
Man made
Capital
Buildings and machines
__________ 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
________ capital also known as environmental capital .
Physical capital
Human capital
Natural capital
Social capital
______ refers to raising the standard of living and well being of people .
Macro economics
Micro economics
_________ is the situation in which available resources or factors of production are finite whereas wants are infinite .
Scarcity
Distribution of income
Production
Consumption
Microeconomics is concerned with
The economy as a whole
The electronics industry
The study of individual economic behaviour
The interactions within the entire economy .
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 .
Macroeconomics is the study of
Individual building blocks in the economy .
The relationship between different sectors of the economy .
Household purchase decisions
__________ includes the physical and mental effort that people contribute to the production of goods and services .
Land
Labour
Distribution