Exam (elaborations)
ECONOMICS AQA A LEVEL PAPER 1 LATEST 2024 QUESTIONS WITH CORRECT ANSWERS GRADED A+
- Course
- Institution
ECONOMICS AQA A LEVEL PAPER 1 LATEST 2024 QUESTIONS WITH CORRECT ANSWERS GRADED A+
[Show more]
1 review
By: trustednurse • 7 months ago
Content preview
ECONOMICS AQA A LEVEL PAPER 1 LATEST2024 QUESTIONS WITH CORRECT
ANSWERS GRADED A+
Need - ANSWERS-something essential for survival such as food
or medical care
Want - ANSWERS-something that people desire but that is not
necessary for human survival.
Economic welfare - ANSWERS-The economic well-being of an
individual, a group within society, or an economy.
Production - ANSWERS-a process, or set of processes, that
converts inputs into output of goods.
,Capital good - ANSWERS-A good which is used in the
production of other goods or services. Also known as a
producer good.
Consumer good - ANSWERS-A good which is consumed by
individuals or households to satisfy their needs or wants.
positive statement - ANSWERS-An objective statement that can
be tested against facts to be declared either true or false.
normative statement - ANSWERS-A subjective opinion, or value
judgement, that cannot be declared either true or false.
factors of production - ANSWERS-Inputs the productive process
such as land, labour, capital and enterprise.
Fundamental economic problem - ANSWERS-how best to make
decisions about the allocation of scarce resources among
competing uses so as to improve and maximise human
happiness and welfare.
,Scarcity - ANSWERS-results from the fact that people have
unlimited wants but resources to meet these wants are limited.
In essence, people would like to consume more goods and
services than the economy is able to produce with its limited
resources.
opportunity cost - ANSWERS-the cost of giving up the next best
alternative
Market - ANSWERS-A situation where buyers and sellers come
together to engage in trade.
Equilibrium price - ANSWERS-the price at which planned
demand for a good or service exactly equals planned supply.
Effective demand - ANSWERS-The desire for a good or service
backed by an ability to pay
market demand - ANSWERS-The quantity of a good or service
that all the consumers in a market are willing and able to buy at
different market prices.
, Conditions of demand - ANSWERS-a determinant of demand,
other than the good's own price, that fixes the position of the
demand curve
increase in demand - ANSWERS-a rightward shift of the demand
curve
decrease in demand - ANSWERS-a leftward shift of the demand
curve
Normal good - ANSWERS-a good for which the demand
increases as income rises and decreases as income falls
Inferior good - ANSWERS-A good for which demand decreases
as income rises and demand increases as income falls. For
example as income rises demand for bud travel falls as more
people can afford cars.
Elasticity - ANSWERS-The proportionate responsiveness of a
second variable to an initial change in the first variable.
price elasticity of demand - ANSWERS-The responsiveness of
the quantity demanded of a good to a change in price.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller NurseLNJ. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now