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IB Economics HL Exam Questions and Answers (Latest Update 2024)
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IB Economics HL Exam Questions and Answers (Latest Update 2024)
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IB Economics HL Exam Questions andAnswers (Latest Update 2024)
Ceteris paribus - Correct Answer ✅ all other things are
being held equal
positive economics - Correct Answer ✅ matters of
economics that can be proven to be right or wrong by looking
at the facts
normative economics - Correct Answer ✅ matters of
economics that are based upon opinion and so are incapable
of being proven to be right or wrong
scarcity - Correct Answer ✅ the limited availability of
economic resources relative to societys unlimited demand for
goods and services
land - Correct Answer ✅ the physical factor of production.
It consists of natural resources
labour - Correct Answer ✅ the human factor of production.
It is the physical and mental contribution of the existing work
force to production
,IB Economics HL Exam Questions and
Answers (Latest Update 2024)
capital - Correct Answer ✅ 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 Answer ✅ the factor of
production involving organizing and risk-taking
opportunity cost - Correct Answer ✅ is the next best
alternative foregone when an economic decision is made
free good - Correct Answer ✅ goods or services which are
unlimited in supply and have no opportunity cost. the have
unlimited supply at market price zero
economic good - Correct Answer ✅ a good or services
which is relatively scarce and so have a price. An opportunity
cost is involved if it is consumed.
, IB Economics HL Exam Questions and
Answers (Latest Update 2024)
utility - Correct Answer ✅ the satisfaction or pleasure that
an individual derives from the consumption of a good or
service
production possibility curve - Correct Answer ✅ shows the
maximum combination of outputs that can be production by
an economy in a given time period
actual output - Correct Answer ✅ the actual production of
goods and services in an economy over a given time period
actual growth - Correct Answer ✅ 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
Potential output - Correct Answer ✅ the possible
production that would be possible in an economy if all
available factors were being employed.
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