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Edexcel A-Level Economics A: 2024 Exam Completely Solved 100% Pass
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Edexcel A-Level Economics A: 2024 ExamCompletely Solved 100% Pass
Absolute advantage - Answer>>When a country's output of a
product per unit of input is greater than that of any other country.
Absolute poverty - Answer>>When a person does not have the
income or wealth to fulfil their basic needs.
Aggregate Demand (AD) - Answer>>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) - Answer>>The total amount of goods
and services that can be supplied in an economy at a given price
level over a given period of time.
Aid - Answer>>The transfer of resources from one country to
another.
Allocative efficiency - Answer>>Where the price of a good is
equal to the price consumers are willing to pay. This occurs when
all resources are allocated efficiently.
Asymmetric information - Answer>>Where buyers have more
information than sellers in a market, or vice versa.
Automatic stabilisers - Answer>>Parts of fiscal policy that
automatically react to changes in the economic cycle.
Average Cost (AC) - Answer>>The cost of production per unit
of output.
Average Revenue (AR) - Answer>>The revenue per unit sold.
,Backward vertical integration - Answer>>Where a firm merges
with or takes over a firm further back in the production process.
Balance of payments - Answer>>A record of the international
transactions of an economy.
Bank rate - Answer>>The official rate of interest set by the
central bank (e.g. by the Monetary Policy Committee of the Bank
of England)
Barriers to entry - Answer>>Potential difficulties that make it
hard for firms to enter a market.
Barriers to exit - Answer>>Potential difficulties that make it hard
for firms to leave a market.
Black market - Answer>>Economic activity that occurs without
taxation and government intervention.
Budget deficit - Answer>>When government spending exceeds
tax revenues.
Budget surplus - Answer>>When tax revenues exceed
government spending.
Capital account of the balance of payments - Answer>>A part of
the balance of payments that shows transfers of non-monetary
and fixed assets into and out of the economy.
Cartel - Answer>>A group of products who collude to limit
output in order to keep prices high.
, Central bank - Answer>>The institution responsible for issuing
banknotes in an economy, acting as a lender of last resort, and
implementing monetary policy.
Ceteris paribus - Answer>>All other things remaining equal
Circular flow of income - Answer>>The flow of national output,
income and expenditure between firms and households.
Command economy - Answer>>An economy where only the
government determines the allocation of resources.
Comparative advantage - Answer>>When the opportunity cost
of producing a good or service is lower than that of any other
country.
Competition policy - Answer>>Government policy aimed at
reducing monopoly power in order to increase efficiency and to
ensure fairness for consumers.
Concentration ratio - Answer>>A measure of the dominance of
firms in a market.
Conglomerate integration - Answer>>Where a firm merges with
or takes over a firm in a completely different market.
Consumer surplus - Answer>>The difference between the price
a consumer pays and the price they were willing to pay.
Consumption - Answer>>The purchase of goods and services.
Contestability - Answer>>The degree to which new entrants find
it easy to enter the market.
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