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CIE A Level Economics With Complete Solutions Latest Update £14.54   Add to cart

Exam (elaborations)

CIE A Level Economics With Complete Solutions Latest Update

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CIE A Level Economics With Complete Solutions Latest Update

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  • July 17, 2024
  • 11
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
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CIE A Level Economics With Complete Solutions
Latest Update

Economic problem - correct answers limited resources and unlimited wants



marginal cost - correct answers the increase in total cost that arises from an extra
unit of production



Ceteris parabus - correct answers All this held consant



Opportunity Cost - correct answers The cost expressed in terms of the benefits of
the next best thing forgone



Positive statments - correct answers Objective statements that can be backed with
evidence



Normative statements - correct answers Subjective statements that cannot be
backed with evidence



Time periods - correct answers Short run, Long run, Very-long run



Short run - correct answers One factor of production is fixed

, Long run - correct answers All factors of production are variable



Very-long run - correct answers All factors of production are variable because of
technological progress



Capital goods - correct answers Goods used to make consumer goods and services



Consumer goods - correct answers goods and services that satisfy consumers
wants and needs



Consumer durables - correct answers Goods that satisfy wants over a longer
period of time

Like TV, Irons, Washing Machine



Consumer non-durables - correct answers Goods that satisfy wants quickly

Chocolate bars, Ice cream



Consumer services - correct answers Services

Movie tickets, Concert tickets



Production - correct answers The process of creating goods and services in an
economy

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