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AQA A level Paper 1 Economics 2024 Exam Questions and Answers.
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AQA A level Paper 1 Economics 2024 Exam Questions and Answers.
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AQA A level Paper 1 Economics 2024Exam Questions and Answers.
An objective statement that can be tested against facts to be
declared either true or false. - Answer>> positive statement
A subjective opinion, or value judgement, that cannot be declared
either true or false. - Answer>> normative statement
something essential for survival such as food or medical care -
Answer>> Need
something that people desire but that is not necessary for human
survival. - Answer>> Want
The economic well-being of an individual, a group within society,
or an economy. - Answer>> Economic welfare
a process, or set of processes, that converts inputs into output of
goods. - Answer>> Production
A good which is used in the production of other goods or services.
Also known as a producer good. - Answer>> Capital good
A good which is consumed by individuals or households to satisfy
their needs or wants. - Answer>> Consumer good
Inputs the productive process such as land, labour, capital and
enterprise. - Answer>> factors of production
how best to make decisions about the allocation of scarce
resources among competing uses so as to improve and maximise
, human happiness and welfare. - Answer>> Fundamental
economic problem
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. -
Answer>> Scarcity
the cost of giving up the next best alternative - Answer>>
opportunity cost
A situation where buyers and sellers come together to engage in
trade. - Answer>> Market
the price at which planned demand for a good or service exactly
equals planned supply. - Answer>> Equilibrium price
The desire for a good or service backed by an ability to pay -
Answer>> Effective demand
The quantity of a good or service that all the consumers in a
market are willing and able to buy at different market prices. -
Answer>> market demand
a determinant of demand, other than the good's own price, that
fixes the position of the demand curve - Answer>> Conditions
of demand
a rightward shift of the demand curve - Answer>> increase in
demand
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