ECONOMICS IGCSE EDEXCEL EXAM
ECONOMICS IGCSE EDEXCEL EXAM GRADED A+
Advalorem tax - correct answer Tax levied as a percentage of the
price of a good.
Aggregate demand - correct answer Total demand in the economy
including consumption, investment, government expenditure
and exports minus imports.
Anti-competitive practices or restrictive trade practices - correct
answer An attempt by firms to prevent or restrict competition.
Assisted areas - correct answer Areas designated as having
problems by the UK or EU and are eligible for support.
Average costs - correct answer The cost per unit of output; it is
equal to total cost divided by output.
,ECONOMICS IGCSE EDEXCEL EXAM
Backward vertical integration - correct answer Merging with a firm
that operates in the previous stage of production.
Balance of payments - correct answer A record of all transactions
relating to international trade.
Balance of trade or visible balance - correct answer The difference
between visible exports and visible imports.
Barriers to entry - correct answer Obstacles that might discourage a
firm from entering a market.
Base rate - correct answer The rate of interest set by the MPC which
influences all other rates in the economy.
Basic economic problem - correct answer Allocation of a nation's
scarce resources between competing uses that represent
infinite wants.
Boom - correct answer The peak of the economic cycle where GDP
is growing at its fastest.
, ECONOMICS IGCSE EDEXCEL EXAM
Budget - correct answer The government's spending and revenue
plans for the next year.
Budget deficit - correct answer The amount by which government
spending exceeds government revenue.
Budget surplus - correct answer The amount by which government
revenue exceeds government spending.
Capital intensive - correct answer Where production relies more
heavily on machinery relative to labour.
Cartel - correct answer Where a group of firms or countries join
together and to agree on pricing or output levels in the market.
Choice - correct answer Deciding between alternative uses of scare
resources.
Collusion - correct answer Agreements between firms to restrict
competition.
ECONOMICS IGCSE EDEXCEL EXAM GRADED A+
Advalorem tax - correct answer Tax levied as a percentage of the
price of a good.
Aggregate demand - correct answer Total demand in the economy
including consumption, investment, government expenditure
and exports minus imports.
Anti-competitive practices or restrictive trade practices - correct
answer An attempt by firms to prevent or restrict competition.
Assisted areas - correct answer Areas designated as having
problems by the UK or EU and are eligible for support.
Average costs - correct answer The cost per unit of output; it is
equal to total cost divided by output.
,ECONOMICS IGCSE EDEXCEL EXAM
Backward vertical integration - correct answer Merging with a firm
that operates in the previous stage of production.
Balance of payments - correct answer A record of all transactions
relating to international trade.
Balance of trade or visible balance - correct answer The difference
between visible exports and visible imports.
Barriers to entry - correct answer Obstacles that might discourage a
firm from entering a market.
Base rate - correct answer The rate of interest set by the MPC which
influences all other rates in the economy.
Basic economic problem - correct answer Allocation of a nation's
scarce resources between competing uses that represent
infinite wants.
Boom - correct answer The peak of the economic cycle where GDP
is growing at its fastest.
, ECONOMICS IGCSE EDEXCEL EXAM
Budget - correct answer The government's spending and revenue
plans for the next year.
Budget deficit - correct answer The amount by which government
spending exceeds government revenue.
Budget surplus - correct answer The amount by which government
revenue exceeds government spending.
Capital intensive - correct answer Where production relies more
heavily on machinery relative to labour.
Cartel - correct answer Where a group of firms or countries join
together and to agree on pricing or output levels in the market.
Choice - correct answer Deciding between alternative uses of scare
resources.
Collusion - correct answer Agreements between firms to restrict
competition.
