OCR GCSE Economics /Introduction To Economics Test Questions And Answers Verified 100% Correct

OCR GCSE Economics /Introduction To Economics Test Questions And Answers Verified 100% Correct What is Land? - ANSWER -The factor of production that is concerned with the natural resources of an economy Give examples of Land... - ANSWER -Agriculture, fishing, oils, wood What is Labour? - ANSWER -The human input into the production process, the factor of production that is concerned with the workforce of an economy in terms of both the physical and mental effort involved in production Give examples of Labour... - ANSWER -Builder, shopkeeper, waiter What is the Basic Economic Problem? - ANSWER -Unlimited wants but scarce resources Scarce Resources - ANSWER -When there is an insufficient amount of something to satisfy all wants Unlimited Wants - ANSWER -The infinite desire for something which is not a necessity Need - ANSWER -A necessity essential for survival Want - ANSWER -Something a consumer would like to have, but which is not essential for survival Economic Problem - ANSWER -How to best use limited resources to satisfy the unlimited wants of people Opportunity Cost - ANSWER -The next best alternative given up when making a choice Economic Choice - ANSWER -An option for the use of selected scarce resources Economic sustainability - ANSWER -The best use of resources in order to create responsible development or growth, now and into the future Social sustainability - ANSWER -The impact of development or growth that promotes an improvement in quality of life for all, now and into the future Environmental sustainability - ANSWER -The impact of development or growth where the effect on the environment is small and possible to manage now and into the future Renewable resources - ANSWER -Resources that can be replaced as long as they are not overused e.g. solar power, wind, wood Non-renewable resources - ANSWER -Resources that cannot be replaced once they are used e.g. oil, diamond, sand Market - ANSWER -A way of bringing together buyers and sellers to buy and sell goods and services Market Economy - ANSWER -An economy in which scarce resources are allocated by the market forces of supply and demand Primary Sector - ANSWER -The direct use of natural resources, such as the extraction of basic materials and goods from land and sea Secondary Sector - ANSWER -All activities in an economy that are concerned with either manufacturing or construction Tertiary Sector - ANSWER -All activities in an economy that involve the idea of a service Factor Market - ANSWER -Market in which the services of the factors of production are bought and sold Product Market - ANSWER -Market in which final goods and services are offered to consumers, businesses and the public sector