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Positive Statements
Factual statements that can be tested and validated, describing the world as it is rather than how it should be, typically used in economic analysis.
Value Judgments
Assessments or opinions made based on a set of criteria or moral standards rather than factual evidence alone.
Marginal Costs
The increase or decrease in the total costs incurred by producing one additional unit of a product or service.
Resources Scarcity
The economic problem of having seemingly unlimited human wants in a world of limited resources.
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