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Edexcel Economics A: Theme 1.2 Questions & Correct Answers/ Graded A+
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Market : Where consumers and producers come into contact with each other to exchange goods and services Utility : The amount of satisfaction obtained from consuming a good or service Rational decision making : Where consumers allocate their expenditure on goods and services to maximize utility, and producers allocate their resources to maximize profits Demand : The quantity of a good or service purchased at a given price over a given period of time Demand curve : Shows the quantity of a good or service that would be bought over a range of different price levels in a given period of time 2 Marginal utility : The utility or satisfaction obtained from consuming one extra unit of a good or service
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edexcel economics a theme 12 questions correc
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