Exam (elaborations)
Economics Aqa A level Paper 1 Study Guide Rated A
- Course
- Institution
Economics Aqa A level Paper 1 Study Guide Rated A+
[Show more]
Seller
Follow
Academik001
Reviews received
Content preview
Economics Aqa A level Paper 1 Study GuideRated A+
1). Positive statement
Ans: An objective statement that can be tested against facts to be declared either true
or false.
2). Normative statement
Ans: A subjective opinion, or value judgement, that cannot be declared either true or
false.
3). Need
Ans: something essential for survival such as food or medical care
4). Want
Ans: something that people desire but that is not necessary for human survival.
5). Economic welfare
Ans: The economic well-being of an individual, a group within society, or an economy.
6). Production
Ans: a process, or set of processes, that converts inputs into output of goods.
7). Capital good
Ans: A good which is used in the production of other goods or services. Also known as
a producer good.
8). Consumer good
PaperStoc.com Page 1 of 10
, Ans: A good which is consumed by individuals or households to satisfy their needs or
wants.
9). Factors of production
Ans: Inputs the productive process such as land, labour, capital and enterprise.
10). Fundamental economic problem
Ans: how best to make decisions about the allocation of scarce resources among
competing uses so as to improve and maximise human happiness and welfare.
11). Scarcity
Ans: results from the fact that people have unlimited wants but resources to meet
these wants are limited. In essence, people would like to consume more goods and
services than the economy is able to produce with its limited resources.
12). Opportunity cost
Ans: the cost of giving up the next best alternative
13). Market
Ans: A situation where buyers and sellers come together to engage in trade.
14). Equilibrium price
Ans: the price at which planned demand for a good or service exactly equals planned
supply.
15). Effective demand
Ans: The desire for a good or service backed by an ability to pay
16). Market demand
Ans: The quantity of a good or service that all the consumers in a market are willing
and able to buy at different market prices.
PaperStoc.com Page 2 of 10
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Academik001. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now