A Level Economics Knowledge for MCQs Revision Questions and Answers
What are the 4 factors of production? Capital, enterprise, land and labour What is the basic economic problem? How best to make decisions about the allocation of scarce resources among competing uses so as to maximise human happiness and welfare Economic goods Goods that have an opportunity cost in consumption as they use up scarce resources Free good Goods that don't have an opportunity cost in consumption as they don't use up scarce resources YED of a normal good Positive YED of an inferior good Negative XED of substitutes Positive XED of complements Negative Joint demand Complementary goods Competing demand Substitutes Joint supply When the production of one good also leads to the production of another good e.g. if supply of cows increases, supply of beef and leather will rise
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