Edexcel IGCSE Economics - Paper 1 Microeconomics ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
and Business Economics Exam with accurate detailed ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
solutions
Goods - correct answer✔✔Things that are produced in order to be sold
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Finite - correct answer✔✔Having an end or limit
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Infinite - correct answer✔✔Without limits ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What are the four factors of production? - correct answer✔✔Land, Labour, Capital,
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Enterprise
Why do economists say that resources are scarce? - correct answer✔✔There is only a limited
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
or finite quantity of resources
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Needs - correct answer✔✔The basic requirements for human survival
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What are examples of needs? - correct answer✔✔Water, food, warmth, shelter, clothing
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Wants - correct answer✔✔People's desires for goods and services
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What are examples of wants? - correct answer✔✔Holidays abroad, better houses, bigger
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
cars, improved healthcare, better education
||/|\||| ||/|\||| ||/|\||| ||/|\|||
,Basic economic problem - correct answer✔✔Allocation of a nation's scarce resources
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
between competing uses that represent infinite wants ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Scarce resources - correct answer✔✔Amount of resources available when supply is limited
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What three decisions have to be made when addressing the basic economic problem? -
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
correct answer✔✔What to produce, How to produce, For whom to produce
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Opportunity cost - correct answer✔✔Cost of the next best alternative that is given up when ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
someone makes a choice ||/|\||| ||/|\||| ||/|\|||
What is the opportunity cost of a firm spending $100,000 on advertising? - correct
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
answer✔✔Training its workforce, buying new machinery ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Expenditure - correct answer✔✔Spending by a government ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Capital goods - correct answer✔✔Purchased by firms and used to produce other goods
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What are examples of capital goods? - correct answer✔✔Factories machinery, tools,
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
equipment
Consumer goods - correct answer✔✔Purchased by households ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What are examples of consumer goods? - correct answer✔✔Food, confectionery, cars,
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
tablets, furniture ||/|\|||
Production Possibility Curve - correct answer✔✔Line that shows the different combinations ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
of two goods an economy can produce if all resources are used up
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
,What happens when an economy moves from one point on the PPC to another? - correct
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
answer✔✔An opportunity cost is incurred ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Economic growth - correct answer✔✔Increase in the level of output by a nation ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What happens to the PPC if a country can produce more? - correct answer✔✔It shifts
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
outwards
What are some reasons for economic growth/an outward shift in the PPC? - correct
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
answer✔✔New technology, Improved efficiency, Education and training, New resources ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Why might negative economic growth/an inward shift in the PPC occur? - correct
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
answer✔✔Resource depletion, Adverse weather, Increased outward migration, Wars ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Variables - correct answer✔✔Something that affects a situation in a way that you cannot be
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
sure what will happen ||/|\||| ||/|\||| ||/|\|||
Maximise - correct answer✔✔To increase something such as profit, satisfaction or income ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
as much as possible
||/|\||| ||/|\||| ||/|\|||
Revenue - correct answer✔✔Money that a business receives over a period of time, especially
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
from selling goods or services
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What are the two underlying assumptions in economics? - correct answer✔✔Consumers
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
aim to maximise benefit, Businesses aim to maximise profit
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
, Why may consumers not always maximise benefit? - correct answer✔✔They have difficulty
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
in calculating the benefits, They develop buying habits, They are influenced by the
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
behaviours of others ||/|\||| ||/|\|||
Enterprises - correct answer✔✔Companies, organisations or businesses ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Why might producers not always maximise their profits? - correct answer✔✔Performance
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
may be influenced by other people in the organisation, Alternative business objectives,
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Operate as charities, Social enterprises ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Administration - correct answer✔✔Activities involved with managing and organising the ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
work of a company or organisation ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Demand curve - correct answer✔✔Line drawn on a graph that shows how much of a good ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
will be bought at different prices
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Demand schedule - correct answer✔✔Table of the quantity demanded of a good at different ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
price levels - can be used to calculate the expected quantity demanded
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Effective demand - correct answer✔✔Amount of a good people are willing to buy at given ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
prices over a given period of time supported by the ability to pay
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Inverse relationship between price and quantity demanded - correct answer✔✔When price
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
goes up, the quantity demanded falls and when price goes down the quantity demanded
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
rises
Demand - correct answer✔✔The amount of a good that consumers are willing to and able ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
to buy at a given price
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
and Business Economics Exam with accurate detailed ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
solutions
Goods - correct answer✔✔Things that are produced in order to be sold
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Finite - correct answer✔✔Having an end or limit
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Infinite - correct answer✔✔Without limits ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What are the four factors of production? - correct answer✔✔Land, Labour, Capital,
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Enterprise
Why do economists say that resources are scarce? - correct answer✔✔There is only a limited
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
or finite quantity of resources
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Needs - correct answer✔✔The basic requirements for human survival
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What are examples of needs? - correct answer✔✔Water, food, warmth, shelter, clothing
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Wants - correct answer✔✔People's desires for goods and services
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What are examples of wants? - correct answer✔✔Holidays abroad, better houses, bigger
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
cars, improved healthcare, better education
||/|\||| ||/|\||| ||/|\||| ||/|\|||
,Basic economic problem - correct answer✔✔Allocation of a nation's scarce resources
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
between competing uses that represent infinite wants ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Scarce resources - correct answer✔✔Amount of resources available when supply is limited
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What three decisions have to be made when addressing the basic economic problem? -
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
correct answer✔✔What to produce, How to produce, For whom to produce
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Opportunity cost - correct answer✔✔Cost of the next best alternative that is given up when ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
someone makes a choice ||/|\||| ||/|\||| ||/|\|||
What is the opportunity cost of a firm spending $100,000 on advertising? - correct
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
answer✔✔Training its workforce, buying new machinery ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Expenditure - correct answer✔✔Spending by a government ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Capital goods - correct answer✔✔Purchased by firms and used to produce other goods
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What are examples of capital goods? - correct answer✔✔Factories machinery, tools,
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
equipment
Consumer goods - correct answer✔✔Purchased by households ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What are examples of consumer goods? - correct answer✔✔Food, confectionery, cars,
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
tablets, furniture ||/|\|||
Production Possibility Curve - correct answer✔✔Line that shows the different combinations ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
of two goods an economy can produce if all resources are used up
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
,What happens when an economy moves from one point on the PPC to another? - correct
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
answer✔✔An opportunity cost is incurred ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Economic growth - correct answer✔✔Increase in the level of output by a nation ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What happens to the PPC if a country can produce more? - correct answer✔✔It shifts
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
outwards
What are some reasons for economic growth/an outward shift in the PPC? - correct
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
answer✔✔New technology, Improved efficiency, Education and training, New resources ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Why might negative economic growth/an inward shift in the PPC occur? - correct
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
answer✔✔Resource depletion, Adverse weather, Increased outward migration, Wars ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Variables - correct answer✔✔Something that affects a situation in a way that you cannot be
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
sure what will happen ||/|\||| ||/|\||| ||/|\|||
Maximise - correct answer✔✔To increase something such as profit, satisfaction or income ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
as much as possible
||/|\||| ||/|\||| ||/|\|||
Revenue - correct answer✔✔Money that a business receives over a period of time, especially
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
from selling goods or services
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
What are the two underlying assumptions in economics? - correct answer✔✔Consumers
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
aim to maximise benefit, Businesses aim to maximise profit
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
, Why may consumers not always maximise benefit? - correct answer✔✔They have difficulty
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
in calculating the benefits, They develop buying habits, They are influenced by the
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
behaviours of others ||/|\||| ||/|\|||
Enterprises - correct answer✔✔Companies, organisations or businesses ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Why might producers not always maximise their profits? - correct answer✔✔Performance
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
may be influenced by other people in the organisation, Alternative business objectives,
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Operate as charities, Social enterprises ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Administration - correct answer✔✔Activities involved with managing and organising the ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
work of a company or organisation ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Demand curve - correct answer✔✔Line drawn on a graph that shows how much of a good ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
will be bought at different prices
||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
Demand schedule - correct answer✔✔Table of the quantity demanded of a good at different ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
price levels - can be used to calculate the expected quantity demanded
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Effective demand - correct answer✔✔Amount of a good people are willing to buy at given ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
prices over a given period of time supported by the ability to pay
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Inverse relationship between price and quantity demanded - correct answer✔✔When price
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goes up, the quantity demanded falls and when price goes down the quantity demanded
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rises
Demand - correct answer✔✔The amount of a good that consumers are willing to and able ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\||| ||/|\|||
to buy at a given price
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