IB Economics HL || with 100% Verified Solutions.

Ceteris paribus correct answers all other things are being held equal positive economics correct answers matters of economics that can be proven to be right or wrong by looking at the facts normative economics correct answers matters of economics that are based upon opinion and so are incapable of being proven to be right or wrong scarcity correct answers the limited availability of economic resources relative to societys unlimited demand for goods and services land correct answers the physical factor of production. It consists of natural resources labour correct answers the human factor of production. It is the physical and mental contribution of the existing work force to production capital correct answers the factor of production that is made by humans and is used to produce goods and services. It occurs as a result of investment entrepreneurship correct answers the factor of production involving organizing and risk-taking opportunity cost correct answers is the next best alternative foregone when an economic decision is made free good correct answers goods or services which are unlimited in supply and have no opportunity cost. the have unlimited supply at market price zero economic good correct answers a good or services which is relatively scarce and so have a price. An opportunity cost is involved if it is consumed. utility correct answers the satisfaction or pleasure that an individual derives from the consumption of a good or service production possibility curve correct answers shows the maximum combination of outputs that can be production by an economy in a given time period actual output correct answers the actual production of goods and services in an economy over a given time period actual growth correct answers occurs when previously unemployed factors are put into production. It is represented by an movement from a point within a PPC to a new point nearer to the PPC