Exam (elaborations)
CIE A Level Economics With Complete Solutions Latest Update
CIE A Level Economics With Complete Solutions Latest Update
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CIE A Level Economics With Complete SolutionsLatest 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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