Exam (elaborations)
Edexcel A-Level Economics Theme 1 With Complete Solutions Latest Update
Edexcel A-Level Economics Theme 1 With Complete Solutions Latest Update
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Edexcel A-Level Economics Theme 1 With CompleteSolutions Latest Update
Model - correct answers A theoretical concept that looks at how differant variables
interact.
Ceteris Paribus - correct answers All other factors remain the same.
Positive Statement - correct answers Objective, factually based comments that can
be tested.
Normative Statement - correct answers Subjective, questionable comments based
on valued judgements that are difficult to test.
Scarcity - correct answers When there are unlimited human wants but limited
number of resources to meet these wants.
Economic Problem - correct answers Making choices on how to allocate scarce
resources to best meet our needs and wants.
Renewable Resources - correct answers Can be replenished.
Non-Renewable Resources - correct answers Finite supply, will run out.
, Sustainable Resources - correct answers Used for economic activities in such a
manner they wont run out.
Oppotunity Cost - correct answers The benefit lost of the next best alternative
when making a choice.
Production Possibility Frontier - correct answers A curve which represents all
possible combinations of goods an economy or a firm can produce when all factors
of production are fully employed and used efficiently.
Factors of Production - correct answers 1. Land
2. Labour
3. Capital
4. Enterprise
Productive Efficiency - correct answers When the economy uses minimum inputs
to produce maximum output at lower cost.
Allocative Efficiency - correct answers Social welfare is maximised in the
production of goods and services.
Supply-Side Policy - correct answers Government attempt to productivly increase
supply.
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