Economics theme 1 (Micro)

Positive statement

Normative statement

Ceteris Paribus

Scarcity

Opportunity Cost

Factors of production

Renewable resources

Non-renewable resources

Gross domestic Product (GDP)

Division of labour

Production Possibility Frontier (PPF)

Market system

Demand

Maximisation

Rational

Non rival public goods

Non excludable public goods

Demerit goods

Merit goods

Mixed economy

Command economy

Market economy