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Economics Exam revision Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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Basic Economic problem ֎ -:- Human want is infinite, earth's resources are finite what is economics ֎ -:- the study of how we make decisions in a world where resources are limited Factors of production ֎ -:- land, labor, capital, entrepreneurship Land ֎ -:- all natural resources used to ...

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  • 27 de agosto de 2024
  • 35
  • 2024/2025
  • Examen
  • Preguntas y respuestas

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  • economics exam revision questions 100 correct

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  • Economics
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Excellence is key | 2024/2025 ~Page |1



Economics Exam revision Questions &
100% Correct Answers- Latest Test |
Graded A+ | Passed
Basic Economic problem


֎ -:- Human want is infinite, earth's resources are finite




what is economics


֎ -:- the study of how we make decisions in a world where resources are limited




Factors of production


֎ -:- land, labor, capital, entrepreneurship




Land


֎ -:- all natural resources used to produce goods and services




Labour


֎ -:- The physical and mental human effort used in the production process




capital


֎ -:- Equipment used in production/interest




26/08/2024 | © Copyright- This work may not be copied for profit.

, Excellence is key | 2024/2025 ~Page |2


entrepreneurship


֎ -:- the process of starting, organizing, managing, and assuming the

responsibility for a business. the original idea




Production possibility curve


֎ -:- They show us the maximum combinations of goods and services that can

be produced by an economy in a given time if all the resources in the economy

are being used efficiently.




Opportunity Cost


֎ -:- The cost of the alternative forgone when an economic decision is made




Marginal Rate substitution


֎ -:- How many units of one good must be given up to gain more units of

another




Marginal Rate substitution


֎ -:- what's given up/ whats gained




Types of economies




26/08/2024 | © Copyright- This work may not be copied for profit.

, Excellence is key | 2024/2025 ~Page |3


֎ -:- Planned, Market, Mixed




Planned economies


֎ -:- The economy is run, directed and managed by the government




Market Economies


֎ -:- The economy is run by individuals and business




Mixed economies


֎ -:- The economy is a combination of government run and individual run




Four questions in the economy


֎ -:- 1.what to produce 2. how much to produce 3. how to produce 4. to whom

to distribute




Market


֎ -:- a place where buyers and sellers meet to exchange a particular resource or

product at a particular price




Factor Market




26/08/2024 | © Copyright- This work may not be copied for profit.

, Excellence is key | 2024/2025 ~Page |4


֎ -:- Factor inputs (or factors of prod) bought and sold




Product Market


֎ -:- Finished goods and services bought and sold




Market Economy


֎ -:- Pure market economy has all major economic decisions being made by

individuals and private firms. (no government involvement)




A centrally planned economy


֎ -:- controlled by the government- they decide the price and what is should be

sold for




Equilibrium simple


֎ -:- Where economic forces are balanced




֎ -:- ,




When Tax revenue is greater than government spending




26/08/2024 | © Copyright- This work may not be copied for profit.

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