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Economics AQA AS Level: Micro Keywords. Latest 2022
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6
February 2024
2023/2024
A+
Economic Activity - Ans-The combination of resources to produce an output of goods or services
Resources ( = factors of production) - Ans-Inputs to the production process: land, labour, capital and
enterprise
Land - Ans-Resources found in the natural environment
Labour - Ans-Human inputs to the production process
Capital - Ans-Man-made resources
Enterprise - Ans-The skill of bringing together other factors of production, spotting gaps in markets and
taking risk
Scarcity - Ans-Man's unli...
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