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ECONOMICS AQA A LEVEL PAPER 1 LATEST 2024 QUESTIONS WITH CORRECT ANSWERS GRADED A+
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ECONOMICS AQA A LEVEL PAPER 1 LATEST 2024 QUESTIONS WITH CORRECT ANSWERS GRADED A+
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ECONOMICS AQA A LEVEL PAPER 1 LATEST2024 QUESTIONS WITH CORRECT
ANSWERS GRADED A+
Need - ANSWERS-something essential for survival such as food
or medical care
Want - ANSWERS-something that people desire but that is not
necessary for human survival.
Economic welfare - ANSWERS-The economic well-being of an
individual, a group within society, or an economy.
Production - ANSWERS-a process, or set of processes, that
converts inputs into output of goods.
,Capital good - ANSWERS-A good which is used in the
production of other goods or services. Also known as a
producer good.
Consumer good - ANSWERS-A good which is consumed by
individuals or households to satisfy their needs or wants.
positive statement - ANSWERS-An objective statement that can
be tested against facts to be declared either true or false.
normative statement - ANSWERS-A subjective opinion, or value
judgement, that cannot be declared either true or false.
factors of production - ANSWERS-Inputs the productive process
such as land, labour, capital and enterprise.
Fundamental economic problem - ANSWERS-how best to make
decisions about the allocation of scarce resources among
competing uses so as to improve and maximise human
happiness and welfare.
,Scarcity - ANSWERS-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.
opportunity cost - ANSWERS-the cost of giving up the next best
alternative
Market - ANSWERS-A situation where buyers and sellers come
together to engage in trade.
Equilibrium price - ANSWERS-the price at which planned
demand for a good or service exactly equals planned supply.
Effective demand - ANSWERS-The desire for a good or service
backed by an ability to pay
market demand - ANSWERS-The quantity of a good or service
that all the consumers in a market are willing and able to buy at
different market prices.
, Conditions of demand - ANSWERS-a determinant of demand,
other than the good's own price, that fixes the position of the
demand curve
increase in demand - ANSWERS-a rightward shift of the demand
curve
decrease in demand - ANSWERS-a leftward shift of the demand
curve
Normal good - ANSWERS-a good for which the demand
increases as income rises and decreases as income falls
Inferior good - ANSWERS-A good for which demand decreases
as income rises and demand increases as income falls. For
example as income rises demand for bud travel falls as more
people can afford cars.
Elasticity - ANSWERS-The proportionate responsiveness of a
second variable to an initial change in the first variable.
price elasticity of demand - ANSWERS-The responsiveness of
the quantity demanded of a good to a change in price.
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