OCR Interchange GCE
Economics H460/02:
Macroeconomics Advanced GCE
paper/ Mark Scheme for Autumn
2021 bundle
Opportunity cost - answer-the next best alternative foregone when an
economic decision is made
Economic choice - answer-An option for the use of selected scarce
resources.
Economic sustainability - answer-The best use of resources in order to
create responsible development or growth, now and into the future.
Social Sustainability - answer-The impact of development or growth
that promotes an improvement in the quality of living for all.
Environmental sustainability - answer-The impact of development or
growth where the effect of the environment is small and manageable.
, Renewable resources - answer-Resources that continue to exist despite
being consumers or can replenish themselves over a period of time.
Non renewable resources - answer-Resources that cease to exist after
being used.
Market - answer-A market is a means of bringing together buyers and
sellers to sell goods and services
Market economy - answer-A market economy is one in which scarce
resources are allocated by the market through the forces of supply and
demand
Primary sector - answer-This is the direct use of natural resources
through the extraction of basic resources from the land or sea.
Secondary sector - answer-All activities in an economy which are
concerned with manufacturing or construction. Involves taking raw
materials and producing goods. Finished goods from the tertiary sector
can then be used to make more complex goods.
Tertiary sector - answer-All activities in an economy in which a service is
produced. These are then purchased by households, firms, and
governments.
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