Edexcel A-level Economics Theme 1-4 Exam 2024 Questions & Answers 100% Correct!

Economics - ANSWERSThe study of the allocation of scarce resources. Economic Goods - ANSWERSResources that are scarce. Short Run - ANSWERSA time period where at least one factor of production is fixed. Long Run - ANSWERSA time period where all factors of production are variable. Productivity - ANSWERSThe output per unit of input. The Economic Problem - ANSWERSResources are scarce but wants are infinite. Scarcity - ANSWERSThe world's resources are limited, there are only limited amounts of land, water, oil, food, etc.. Therefore, resources are scarce. Free Goods - ANSWERSGoods that are unlimited in supply and therefore have no opportunity cost. Economic Agents - ANSWERSConsumer, Business and Governments. Agents involved in Economic transactions. Production Possibility Frontier - ANSWERSThe maximum potential output of a combination of goods an economy can achieve when all its resources are fully and efficiently employed, given the level of technology. Opportunity Cost - ANSWERSThe next best alternative foregone. Economic Growth - ANSWERSIncrease