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A AQA economics Bundled Exams with complete solution | everything you need
A AQA economics Bundled Exams with complete solution | everything you need
[Show more]A AQA economics Bundled Exams with complete solution | everything you need
[Show more]Opportunity Cost - measure the cost of choosing one course of action in terms of the amount 
foregone of the next best alternative 
Free Goods - good which are unlimited 
Want - Something unlimited as there is always something somebody desires 
Need - Something that must be satisfied if people are t...
Preview 1 out of 2 pages
Add to cartOpportunity Cost - measure the cost of choosing one course of action in terms of the amount 
foregone of the next best alternative 
Free Goods - good which are unlimited 
Want - Something unlimited as there is always something somebody desires 
Need - Something that must be satisfied if people are t...
3.2.3.1 Economic growth and the economic cycle - --Content 
The difference between short-run and long-run growth. 
The various demand-side and supply-side determinants of short-run growth of real national income and 
the long-run trend rate of economic growth. 
The concept of the economic cycle and ...
Preview 3 out of 21 pages
Add to cart3.2.3.1 Economic growth and the economic cycle - --Content 
The difference between short-run and long-run growth. 
The various demand-side and supply-side determinants of short-run growth of real national income and 
the long-run trend rate of economic growth. 
The concept of the economic cycle and ...
What is the marginal productivity theory? - Says that demand for any factor of production depends 
on its MRP 
MRP (marginal revenue product) is what? - extra revenue gained from employing one more worker 
What is the marginal cost (MC) of labour? - the cost of employing another worker. Equal to the...
Preview 2 out of 6 pages
Add to cartWhat is the marginal productivity theory? - Says that demand for any factor of production depends 
on its MRP 
MRP (marginal revenue product) is what? - extra revenue gained from employing one more worker 
What is the marginal cost (MC) of labour? - the cost of employing another worker. Equal to the...
3.1.2.1 The determinants of the demand for goods and services - --Content 
The factors which determine the demand for a good or service. 
A demand curve shows the relationship between price and quantity demanded. 
The causes of shifts in the demand curve. 
--Additional information 
Students should u...
Preview 3 out of 23 pages
Add to cart3.1.2.1 The determinants of the demand for goods and services - --Content 
The factors which determine the demand for a good or service. 
A demand curve shows the relationship between price and quantity demanded. 
The causes of shifts in the demand curve. 
--Additional information 
Students should u...
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