Exam (elaborations)
AQA A level Paper 1 Economics 2024 Exam Questions and Answers.
- Course
- Institution
AQA A level Paper 1 Economics 2024 Exam Questions and Answers.
[Show more]
Seller
Follow
RevisionKing
Reviews received
Content preview
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
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 EFT, 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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller RevisionKing. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R163,10. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
85443 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now