GCSE Economics Revision Paper 1 Exam Questions with Correct Answers

Good - ANSWER-A tangible product which satisfies wants and needs. Service - ANSWER-An intangible product which satisfies wants and needs. Consumer - ANSWER-- People who buy goods and services for their own personal use only. Producer - ANSWER-- People who make and supply goods and services by combing factors of production. - They are responsible for the SUPPLY element of demand. - They can be individuals, firms, or governments. Government - ANSWER-- A group that makes rules and policies that affect the economy: e.g. taxes - It invests money into the economy: e.g. public services and benefits. Factors of Production - ANSWER-- Resources used in the production process of goods or services. Capital Enterprise Land Labour - CELL Basic Economic Problem - ANSWER-Resources are scarce but wants are unlimited - How should they be allocated? Market - ANSWER-A way of bringing together buyers and sellers to buy and sell goods and services. e.g. physical market, an auction, a shop Secondary Sector - ANSWER-All activities in an economy that are concerned with either manufacturing or construction. Products are tangible. (goods)