OCR A LEVEL ECONOMICS TEST EXAM 2024 WITH GUARANTEED ANSWERS

normative statement - correct answeran opinion that cannot be confirmed by referencing facts positive statement - correct answera statement that can be proved by referencing facts why are economic models used? - correct answertheories cannot be tested in a controlled environment the basic economic problem - correct answerscarcity - consumer wants are always greater than available resources opportunity cost - correct answerthe next best alternative foregone factors of production - correct answerresources used by a firm in production list and define the factors of production - correct answerlabour - the human element, both mental and physical capital - man made aids to production eg technology land - any natural resource used in production enterprise - combining above factors to make a profit, risk taking how can a PPC be used? - correct answershows the efficiency of a firm and its maximum potential efficiency shows possible manufacturing combinations between two products and the opportunity cost of sacrificing each product demand - correct answeramount of a product demanded by consumers who are willing and able to buy it at a certain price over a certain period of time define determinants of demand give examples - correct answerfactors that determine the demand for a product.