Edexcel A-Level Economics Exams 2024 Questions And Answers 100% Updated!

Absolute advantage - ANSWERSWhen a country's output of a product per unit of input is greater than that of any other country. Absolute advantage - ANSWERSWhen a country's output of a product per unit of input is greater than that of any other country. Absolute poverty - ANSWERSWhen a person does not have the income or wealth to fulfil their basic needs. Absolute poverty - ANSWERSWhen a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) - ANSWERSThe total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. Aggregate Demand (AD) - ANSWERSThe total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. Aggregate Supply (AS) - ANSWERSThe total amount of goods and services that can be supplied in an economy at a given price level over a given period of time. Aggregate Supply (AS) - ANSWERSThe total amount of goods and services that can be supplied in an economy at a given price level over a given period of time. Aid - ANSWERSThe transfer of resources from one country to another. Aid - ANSWERSThe transfer of resources from one country to another. Allocative efficiency - ANSWERSWhere the price of a good is equal to the price consumers are willing to pay. This occurs when all resources are allocated efficiently. Allocative efficiency - ANSWERSWhere the price of a good is equal to the price consumers are willing to pay. This occurs when all resources are allocated efficiently. Asymmetric information - ANSWERSWhere buyers have more information than sellers in a market, or vice versa.