Economics GCSE OCR
Paper 1 EXAM LATEST
2026-2027 WITH
QUESTIONS AND
CORRECT VERIFIED
ANSWERS GRADED A+
ANSWERS-the resources in an economy that can be
factors of production-
used to make goods or services: CELL
ANSWERS-
Capital- the fop that relates to all human and man made aid to
production e.g. machines, tools
,Enterprise- ANSWERS-the fop that takes a risk in organising the three other
fops e.g. a business tycoon
Land- ANSWERS- refers to the use of natural resources in the production
process (free gifts of nature)
can be above or below land and from the sea
Labour- ANSWERS- refers any human effort or resources into the production
process
can be physical or intellectual e.g. workers, engineers
what is the role of the government?- ANSWERS-to set laws, tax and to spend
money on infrastructure and in an economy
basic economic problem- ANSWERS-how to best allocate scarce resources to
satisfy unlimited wants
need- ANSWERS-something you have to have to survive
needs are limited
e.g. water, food, shelter, air
want- ANSWERS-something you would like to have but not needed to survive
scarce resources- ANSWERS-an insufficient amount of a resource to satisfy
all wants
opportunity cost- ANSWERS-the next best alternative given up when making
a choice
economic choice- ANSWERS-an option for the use of selected scarce
resources
economic sustainability- ANSWERS- the best use of resources in order to
create responsible growth and development, now and into the future
, ANSWERS-
social sustainability- the impact of development or growth that
promotes an improvement in the quality of life for all, now and into the future
environmental sustainability- ANSWERS- the impact of development or growth
where the effect on the environment is small and possible to manage, now and into the
future
market- ANSWERS-a way of bringing together buyers and sells to buy and
sell goods or services
market economy- ANSWERS- an economy in which scarce resources are
allocated by the forces of supply and demand
product market- ANSWERS- a market in which finished goods and services
are offered to consumers, producers and the public sector
factor market- ANSWERS-a market in which the factors of production are
bought and sold
primary sector- ANSWERS- the direct use of natural resources, such as the
extraction of basic materials from the land and sea
secondary sector- ANSWERS- all activities in an economy that are concerned
in manufacturing, assembling and construction (other 3 fops added to land)
ANSWERS-all activities in an economy that involve the idea of
tertiary sector-
a service
examples of primary sector- ANSWERS-fishing, mining, agriculture, fracking,
foresty
example of secondary sector- ANSWERS-packaging, building a car,
constructing a table
examples of tertiary sector-ANSWERS-hairdressing, babysitting, taxi service,
receptionist
Paper 1 EXAM LATEST
2026-2027 WITH
QUESTIONS AND
CORRECT VERIFIED
ANSWERS GRADED A+
ANSWERS-the resources in an economy that can be
factors of production-
used to make goods or services: CELL
ANSWERS-
Capital- the fop that relates to all human and man made aid to
production e.g. machines, tools
,Enterprise- ANSWERS-the fop that takes a risk in organising the three other
fops e.g. a business tycoon
Land- ANSWERS- refers to the use of natural resources in the production
process (free gifts of nature)
can be above or below land and from the sea
Labour- ANSWERS- refers any human effort or resources into the production
process
can be physical or intellectual e.g. workers, engineers
what is the role of the government?- ANSWERS-to set laws, tax and to spend
money on infrastructure and in an economy
basic economic problem- ANSWERS-how to best allocate scarce resources to
satisfy unlimited wants
need- ANSWERS-something you have to have to survive
needs are limited
e.g. water, food, shelter, air
want- ANSWERS-something you would like to have but not needed to survive
scarce resources- ANSWERS-an insufficient amount of a resource to satisfy
all wants
opportunity cost- ANSWERS-the next best alternative given up when making
a choice
economic choice- ANSWERS-an option for the use of selected scarce
resources
economic sustainability- ANSWERS- the best use of resources in order to
create responsible growth and development, now and into the future
, ANSWERS-
social sustainability- the impact of development or growth that
promotes an improvement in the quality of life for all, now and into the future
environmental sustainability- ANSWERS- the impact of development or growth
where the effect on the environment is small and possible to manage, now and into the
future
market- ANSWERS-a way of bringing together buyers and sells to buy and
sell goods or services
market economy- ANSWERS- an economy in which scarce resources are
allocated by the forces of supply and demand
product market- ANSWERS- a market in which finished goods and services
are offered to consumers, producers and the public sector
factor market- ANSWERS-a market in which the factors of production are
bought and sold
primary sector- ANSWERS- the direct use of natural resources, such as the
extraction of basic materials from the land and sea
secondary sector- ANSWERS- all activities in an economy that are concerned
in manufacturing, assembling and construction (other 3 fops added to land)
ANSWERS-all activities in an economy that involve the idea of
tertiary sector-
a service
examples of primary sector- ANSWERS-fishing, mining, agriculture, fracking,
foresty
example of secondary sector- ANSWERS-packaging, building a car,
constructing a table
examples of tertiary sector-ANSWERS-hairdressing, babysitting, taxi service,
receptionist
