Ped pes xed Study guides, Revision notes & Summaries

normative statement an opinion that cannot be confirmed by referencing facts positive statement a statement that can be proved by referencing facts why are economic models used? theories cannot be tested in a controlled environment the basic economic problem scarcity - consumer wants are always greater than available resources opportunity cost the next best alternative foregone factors of production resources used by a firm in production list and define the factors of production lab...

Economics The study of the allocation of scarce resources. Economic Goods Resources that are scarce. Short Run A time period where at least one factor of production is fixed. Long Run A time period where all factors of production are variable. Productivity The output per unit of input. The Economic Problem Resources are scarce but wants are infinite. Scarcity The world's resources are limited, there are only limited amounts of land, water, oil, f...

Economics The study of the allocation of scarce resources. Economic Goods Resources that are scarce. Short Run A time period where at least one factor of production is fixed. Long Run A time period where all factors of production are variable. Productivity The output per unit of input. The Economic Problem Resources are scarce but wants are infinite. Scarcity The world's resources are limited, there are only limited amounts of land, water, oil, f...

Economics - ANSWERSThe study of the allocation of scarce resources. Economic Goods - ANSWERSResources that are scarce. Short Run - ANSWERSA time period where at least one factor of production is fixed. Long Run - ANSWERSA time period where all factors of production are variable. Productivity - ANSWERSThe output per unit of input. The Economic Problem - ANSWERSResources are scarce but wants are infinite. Scarcity - ANSWERSThe world's resources are limited, there are only limite...

Economics - answer The study of the allocation of scarce resources. Economic Goods - answer Resources that are scarce. Short Run - answer A time period where at least one factor of production is fixed. Long Run - answer A time period where all factors of production are variable. Productivity - answer The output per unit of input. The Economic Problem - answer Resources are scarce but wants are infinite. Scarcity - answer The world's resources are limited, there are only limited amounts of...

Edexcel A Level Microeconomics 2022|2023 latest updated Factors influencing demand for labour Demand for final product - if rise in output > increase in productivity Relative productivity of labour to capital - substitution effect £3,000 subsidy for hiring unemployed 18-24 y.o. = half UK's youth minimum wage Factors influencing supply of labour Cost of living Cost of gaining skills UK uni fees capped at £9,250 per year Number of workers UK raises state pension age fro...

What are the four assumptions of micro economics? Rational Consumers, perfectly competitive market, average consumer, ceteris paribus What is a positive statement? a statement that can be tested and validated What is a normative statement? an opinion, a value judgement What is the economic problem? Resources are scarce, however wants are unlimited. There are finite resources so goods/services need to be allocated efficiently. What is opportunity cost? Cost of the next be...

This document comprehensively summarises and teaches all content needed for Year 1 Microeconomics needed for an A*. The guide is split into 12 chapters: Lesson 1) Introduction to economics, PPFs. Lesson 2) Factors of production, Specialisation, productivity and demand. Lesson 3) Supply and market types. Lesson 4) Market equilibrium. Lesson 5) Interrelationship between markets, mechanisms, consumer surplus, and producer surplus. Lesson 6) PED & PES. Lesson 7) XED & YED. Lesson 8...

Evaluate the usefulness/ significance of PED/YED/XED/PES

Edexcel A-Level Economics Terms in this set (1993) Absolute advantage When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) The total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. Aggregate Supply (AS) The total...