Exam (elaborations)
AQA Economics A Level Year 1 -2024 Microeconomics Exam Questions and Answers
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- AQA A LEVEL Economics
- Institution
- AQA A LEVEL Economics
AQA Economics A Level Year 1 -2024 Microeconomics Exam Questions and Answers
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AQA Economics A Level Year 1 -2024Microeconomics
Exam Questions and Answers
Allocative Efficiency - Answer>> Occurs when the available
economic resources are used to produce the combination of
goods and services that best matches people's tastes and
preferences
Positive Statements - Answer>> A statement of fact that can be
tested to see if it is incorrect or correct
Normative Statements - Answer>> A statement that includes a
value judgement and cannot be disproved just by looking at
evidence
Need - Answer>> Something that is essential for human
survival e.g. food and water
Want - Answer>> Something that is desirable e.g. fashionable
accessories
Economic Welfare - Answer>> The economic well-being of an
individual, a group within society, or an economy
Production - Answer>> A process, or a set of processes that
converts inputs into output of goods
Capital Goods - Answer>> Goods used in the production of
other goods or services (also known as a producer good)
,Consumer Goods - Answer>> A good which is consumed by
individuals or households to satisfy their needs or wants
Factors of Production - Answer>> Inputs into the production
process
CELL - the four factors of production - Answer>> Capital
Enterprise
Land
Labour
Capital - Answer>> Equipment used in producing goods and
services
Enterprise - Answer>> Refers to the decision makers and the
risk takers in the firm
Labour - Answer>> The human input into the production
process
Land - Answer>> The actual land and the natural resources in
and on it
Interest - Answer>> The reward for capital
Rent - Answer>> The reward for land
Wages - Answer>> The reward for labour
Profit - Answer>> The reward for enterprise
, Finite Resources - Answer>> Resources which are scarce and
run out as they are used, such as oil (also known as a non-
renewable resource)
Renewable Resources - Answer>> Resources which with
careful management can be renewed as they are used, such as
timber
Fundamental Economic Problem - Answer>> How best to make
decisions about the allocation of scarce resources among
competing uses so as to improve and maximise human happiness
and welfare
Fundamental Questions - Answer>> What to produce?
How to produce it?
Who to produce it for?
Scarcity - Answer>> Results from the fact that wants are
unlimited but resources to meet these wants are limited
Opportunity Cost - Answer>> The next best alternative forgone
when making a decision
Good - Answer>> A physical and tangible product
Service - Answer>> Intangible things
Economic Good - Answer>> A good that has an opportunity
costs in consumption because it uses up scarce resources
Free Good - Answer>> A good that doesn't have an opportunity
cost in consumption because it doesn't use up scarce resources
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