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Economics AQA A LEVEL With Complete Solutions Latest Update $17.99   Add to cart

Exam (elaborations)

Economics AQA A LEVEL With Complete Solutions Latest Update

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Economics AQA A LEVEL With Complete Solutions Latest Update

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  • July 17, 2024
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  • 2023/2024
  • Exam (elaborations)
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Economics AQA A LEVEL With Complete Solutions
Latest Update

Positive Statement - correct answers A statement that can be tested to see if it's
correct or not



Normative Statement - correct answers A statement that has a value judgement
and can't be refuted by looking at evidence



Need - correct answers Something necessary for human survival



Want - correct answers Something that is desirable



Economic welfare - correct answers The economic wellbeing of an individual or
group of people

(Human happiness)



Capital good - correct answers A good used in the production of other good and
services



Factors of production - correct answers Land, Labour, Capital, Enterprise

, Fundamental Economic Problem is - correct answers scarcity and that it results
from limited resources and unlimited wants



Scarcity - correct answers Choices have to made how scarce resources are going to
be allocated



Opportunity cost - correct answers The cost of giving up the next best alternative



Productive efficiency - correct answers When the average total costs of production
is minimised



Allocative efficiency - correct answers Available resources are used to produce the
best combination of goods and services that best match people's preferences



Demand - correct answers The quantity of a good or service that consumers are
willing and able to buy at a given time



Normal good - correct answers A good for which demand increases when income
increases



IED > 1



Inferior good - correct answers A good for which demand increases when income
falls

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