11/08/2025, 08:15 ECONOMICS AQA A LEVEL PAPER 1 (2025) EXAM QUESTIONS AND ALL CORRECT ANSWERS 100% SOLVED AND GUARA…
ECONOMICS AQA A LEVEL PAPER 1 (2025) EXAM
QUESTIONS AND ALL CORRECT ANSWERS 100%
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Terms in this set (81)
An objective statement that can be tested against
positive statement
facts to be declared either true or false.
A subjective opinion, or value judgement, that cannot
normative statement
be declared either true or false.
something essential for survival such as food or
Need
medical care
something that people desire but that is not necessary
Want
for human survival.
The economic well-being of an individual, a group
Economic welfare
within society, or an economy.
a process, or set of processes, that converts inputs
Production
into output of goods.
A good which is used in the production of other
Capital good
goods or services. Also known as a producer good.
A good which is consumed by individuals or
Consumer good
households to satisfy their needs or wants.
Inputs the productive process such as land, labour,
factors of production
capital and enterprise.
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, 11/08/2025, 08:15 ECONOMICS AQA A LEVEL PAPER 1 (2025) EXAM QUESTIONS AND ALL CORRECT ANSWERS 100% SOLVED AND GUARA…
how best to make decisions about the allocation of
Fundamental economic
scarce resources among competing uses so as to
problem
improve and maximise human happiness and welfare.
results from the fact that people have unlimited wants
but resources to meet these wants are limited. In
Scarcity essence, people would like to consume more goods
and services than the economy is able to produce
with its limited resources.
opportunity cost the cost of giving up the next best alternative
A situation where buyers and sellers come together to
Market
engage in trade.
the price at which planned demand for a good or
Equilibrium price
service exactly equals planned supply.
The desire for a good or service backed by an ability
Effective demand
to pay
The quantity of a good or service that all the
market demand consumers in a market are willing and able to buy at
different market prices.
a determinant of demand, other than the good's own
Conditions of demand
price, that fixes the position of the demand curve
increase in demand a rightward shift of the demand curve
decrease in demand a leftward shift of the demand curve
a good for which the demand increases as income
Normal good
rises and decreases as income falls
A good for which demand decreases as income rises
and demand increases as income falls. For example as
Inferior good
income rises demand for bud travel falls as more
people can afford cars.
The proportionate responsiveness of a second
Elasticity
variable to an initial change in the first variable.
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ECONOMICS AQA A LEVEL PAPER 1 (2025) EXAM
QUESTIONS AND ALL CORRECT ANSWERS 100%
SOLVED AND GUARANTEED SUCCESS!!
Save
Terms in this set (81)
An objective statement that can be tested against
positive statement
facts to be declared either true or false.
A subjective opinion, or value judgement, that cannot
normative statement
be declared either true or false.
something essential for survival such as food or
Need
medical care
something that people desire but that is not necessary
Want
for human survival.
The economic well-being of an individual, a group
Economic welfare
within society, or an economy.
a process, or set of processes, that converts inputs
Production
into output of goods.
A good which is used in the production of other
Capital good
goods or services. Also known as a producer good.
A good which is consumed by individuals or
Consumer good
households to satisfy their needs or wants.
Inputs the productive process such as land, labour,
factors of production
capital and enterprise.
https://quizlet.com/1064992401/economics-aqa-a-level-paper-1-2025-exam-questions-and-all-correct-answers-100-solved-and-guaranteed-success-fl… 1/6
, 11/08/2025, 08:15 ECONOMICS AQA A LEVEL PAPER 1 (2025) EXAM QUESTIONS AND ALL CORRECT ANSWERS 100% SOLVED AND GUARA…
how best to make decisions about the allocation of
Fundamental economic
scarce resources among competing uses so as to
problem
improve and maximise human happiness and welfare.
results from the fact that people have unlimited wants
but resources to meet these wants are limited. In
Scarcity essence, people would like to consume more goods
and services than the economy is able to produce
with its limited resources.
opportunity cost the cost of giving up the next best alternative
A situation where buyers and sellers come together to
Market
engage in trade.
the price at which planned demand for a good or
Equilibrium price
service exactly equals planned supply.
The desire for a good or service backed by an ability
Effective demand
to pay
The quantity of a good or service that all the
market demand consumers in a market are willing and able to buy at
different market prices.
a determinant of demand, other than the good's own
Conditions of demand
price, that fixes the position of the demand curve
increase in demand a rightward shift of the demand curve
decrease in demand a leftward shift of the demand curve
a good for which the demand increases as income
Normal good
rises and decreases as income falls
A good for which demand decreases as income rises
and demand increases as income falls. For example as
Inferior good
income rises demand for bud travel falls as more
people can afford cars.
The proportionate responsiveness of a second
Elasticity
variable to an initial change in the first variable.
https://quizlet.com/1064992401/economics-aqa-a-level-paper-1-2025-exam-questions-and-all-correct-answers-100-solved-and-guaranteed-success-fl… 2/6
