Written by students who passed Immediately available after payment Read online or as PDF Wrong document? Swap it for free 4.6 TrustPilot
logo-home
Document preview thumbnail
Preview 1 out of 2 pages
Summary

Summary notes on 'the nature of economics' - Edexcel A-level Economics

Document preview thumbnail
Preview 1 out of 2 pages

Simplified notes that contain all the key concepts, terms and definitions to help achieve the highest grade possible for A-level economics

Content preview

Nature of economics
e
ataneconomicagentsareRATIONALthismeansthatconsumersaimtomaximiseUTILITYsatisfaction
aimto
Firms maximise
P ROFITS andgovernmentsaimtomaximiseSOCIALWELFARE
underlyingassumptions withceteris
ashuman
InaHiinÑa flat ahh IfYe
sideration
ahhhhnff.myfemehfYpffghinntyg parliffhhhhhhhhhhhhhhhI
thatsome
variablesremain whilst
constant



kiiii.EEEEIEE iii
i
statementbased opinion
Normative andhavea value
on
I insane
judgement look words
im
lie for
such oughtorshould as
making policies differenteconomists
caninfluenceeconomicdecision as
makedifferent based
may thesamestatisticpositive
on
9
judgements
Yuffgements




esmeansdecisionsneedtobemadeabout whattoproduceliewhatgoodsservicesshould bemade
Howto produce lieWhat isthe
m ost
efficient
means ofusingtheresources
For whom to
produce i.e are
H ow goods servicesa llocated
amongst consumers
Renewable that
resourcesresources canbereplenishedorreplacedonalevelequaltoconsumption egsolar
power
bereadilyreplacedbynaturalmeansonalevelequaltoconsumption egfossilfuels
Nonrenewableresourcesresourcesthatcannot
UetoSCARCITYCHOICESmustbemadewhichmeansthat thereisanOPPORTUNITYCOST
isthe
cost
Opportunity best
next a lternative whena
forgone ismadelegOpportunitycostofdoinghomeworkisgoingtothecinema
decision


OF
FACTORS PRODUCTION

Capitalman toproduction egfactoriesequipment
aids
made
theability
Enterprise tocombinefactorsofproductiontake
risksinestablishingnewventures
Landnaturalresouries e landmineralsocean
Labourhuman
resources
g


that
services
beproducedwiththeexistinglevelsofresources
can dia9ram
overagiven
can
PPFs
periodotfime
beusedtoshow3differenteconomicconcepts t.am
if ifeng.fi
iiiiitfiii Sisi iithtoutwarass
l t
iii.it
shittinthe




iiiii.iii
good
capital entalongthef.my A inefficientallocationofresourcessome
I L iii YETI moment


www
Economic
iiiii
is
growth shown asanoutward
egTheopportunity ofproducingone
cost shifte.gabigger
labour orbetter
force
to
satisfaction consumers clothes


iiiii.is ihiiiniiii i gorrooastriinaffirect
one
e.g

e
anointrastructure



iiiiiiihmmmm
Iii
future inthe theproductive
consumer
goods increase

Document information

Study Level
Uploaded on
September 9, 2026
Number of pages
2
Written in
2024/2025
Type
Summary
£5.96

Wrong document? Swap it for free Within 14 days of purchase and before downloading, you can choose a different document. You can simply spend the amount again.
Written by students who passed
Immediately available after payment
Read online or as PDF

Sold
0
Followers
0
Items
4
Last sold
-



Why students choose Stuvia

Created by fellow students, verified by reviews

Quality you can trust: written by students who passed their exams and reviewed by others who've used these revision notes.

Didn't get what you expected? Choose another document

No problem! You can straightaway pick a different document that better suits what you're after.

Pay as you like, start learning straight away

No subscription, no commitments. Pay the way you're used to via credit card and download your PDF document instantly.

Student with book image

“Bought, downloaded, and smashed it. It really can be that simple.”

Alisha Student

Working on your references?

Create accurate citations in APA, MLA and Harvard with our free citation generator.

Working on your references?

Frequently asked questions