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Ceteris Paribus
Comparing the relationship between two variables assuming all other factors are constant
Positive statement
Can be tested as true or false by referring to facts
Normative statement
A statement that is someone’s predicted outcome
Value judgement
Personal economic beliefs that underpin normative statements
Scarcity
Limited resources but unlimited wants
Economic problem
How best to allocate scarce resources between alternative uses
Opportunity cost
The next best alternative when choosing how to spend scarce resources
Renewable resources
Resources that will replenish over time
Non-renewable resources
Resources that will not replenish over time
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