Allocative efficiency Study guides, Revision notes & Summaries

Mark Scheme (Results) Summer 2023 Pearson Edexcel GCE A Level In Economics A (9EC0) Paper 01: Market and Business BehaviourEdexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by Pearson, the UK’s largest awarding body. We provide a wide range of qualifications including academic, vocational, occupational and specific programmes for employers. For further information visit our qualifications websites at or . Alternatively, you can get in touch with us using the ...

Production Possibility Frontier Supply and demand diagram showing equilibrium Supply and demand surplus Increase in demand Decrease in demand Increase in supply Decrease in supply Consumer surplus Producer surplus Inelastic demand Elastic demand Unitary elastic demand Perfectly elastic demand Perfectly inelastic demand Inelastic supply Elastic supply Substitutes diagram Ad valorem tax Tax diagram Subsi...

Allocative efficiency - Answer This occurs when the available economic resources are used to produce the combination of goods and services that best matches peoples' tastes and preferences. Division of labour - Answer The specialisation of individuals through the separation of tasks in the production process and their allocation to different groups of workers. Factors of production - Answer Inputs into the production process namely land, labour, capital and enterprise. Normative ...

WGU D089 Principles of Economics Questions and Answers 100% Pass Absolute Advantage The capability to produce more of a given product using less of a given resource than a competing entity Absolute Quota Strictly limiting the quantity of goods that may enter a country Accounting Profit Total revenues minus explicit costs, including depreciation Acquisition When one firm purchases another Ad Valorem Tariffs Import tax based on a fixed percentage of the assessed commercial value of imported g...

WGU Microeconomics C718 Questions and Answers Already Passed Economics the study of how humans make decisions in the face of scarcity 3 basic economic questions What to produce? How to produce? For whom to produce? opportunity cost measures cost by what is given up in exchange; opportunity cost measures the value of the forgone alternative How do economists assume individuals make choices? whatever will serve their own self-interest margin the current level of an activity choice at the marg...

PDF Homework Questions & Answers - Macro Exam One 2023/2024 When economists develop models designed to explain the choices people make, they generally assume that - ANSWER-People are rational One of the basic facts of life is that people must make choices as they try to attain their goals. This unavoidable fact comes from a reality an economist calls - ANSWER-Scarcity The Three economic questions that every society must answer are - ANSWER-What goods will be produced How will they b...

WGU C718 VOCABULARY 2024 QUESTIONS WITH COMPLETE ANSWERS ALREADY PASSED AND GRADED A+ absolute advantage - CORRECT ANSWER when a country (or person) can produce more of a good than another country (In this picture England has absolute advantage in both goods) accounting profit - CORRECT ANSWER profit computed using only explicit costs (Acct Profit = Total Revenue - Explicit Costs) marginal external costs - CORRECT ANSWER additional costs incurred by third parties outside the produ...

Allocative Efficiency - Answer Occurs when the available economic resources are used to produce the combination of goods and services that best matches people's tastes and preferences Positive Statements - Answer A statement of fact that can be tested to see if it is incorrect or correct Normative Statements - Answer A statement that includes a value judgement and cannot be disproved just by looking at evidence Need - Answer Something that is essential for human survival e.g. f...

Scarcity correct answers Although your wants are unlimited, the resources available to fulfill those wants are limited Economics correct answers Study of the choices consumers, business mangers and government officials make to attain their goals, given their scarce resources Economics Model correct answers A simplified description of reality, used to make predictions that can be tested with data 3 Main Ideas correct answers 1. People are rational 2. People respond to economic incentive...

Accelerator Effect - Answer The relation between the change in new investment and the rate of change of national income. Actual Supply - Answer The amount that producers in fact produce. This may differ from planned supply for a variety of reasons such as breakdowns in production, staff absences, etc. Aggregate Demand - Answer Total planned expenditure in the economy. Known by the identity C + I + G + (X - M) Aggregate Supply - Answer The total value of goods and services suppli...