Economics AQA A LEVEL || A+ Graded Already.

Positive Statement correct answers A statement that can be tested to see if it's correct or not Normative Statement correct answers A statement that has a value judgement and can't be refuted by looking at evidence Need correct answers Something necessary for human survival Want correct answers Something that is desirable Economic welfare correct answers The economic wellbeing of an individual or group of people (Human happiness) Capital good correct answers A good used in the production of other good and services Factors of production correct answers Land, Labour, Capital, Enterprise Fundamental Economic Problem is correct answers scarcity and that it results from limited resources and unlimited wants Scarcity correct answers Choices have to made how scarce resources are going to be allocated Opportunity cost correct answers The cost of giving up the next best alternative Productive efficiency correct answers When the average total costs of production is minimised Allocative efficiency correct answers Available resources are used to produce the best combination of goods and services that best match people's preferences Demand correct answers The quantity of a good or service that consumers are willing and able to buy at a given time Normal good correct answers A good for which demand increases when income increases IED 1 Inferior good correct answers A good for which demand increases when income falls IED 1 Price elasticity of demand correct answers Measures the extent to which the demand of a good changes in response to a change in the price of that good %QD/%P