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Summary Theme 1 - Complete Revision Notes
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All the essentials for Theme 1 (Markets and Market Failure) of Edexcel/Pearson in an easy to read format. Includes all diagrams and definitions.
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Preguntas de práctica disponibles
Economics - Theme 1 Definitions
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Algunos ejemplos de esta serie de preguntas de práctica
1.
Number adjusted for inflation.
Respuesta: Real Value
2.
The year that other values are compared to – it will often have a value of 100 for the given measurement
Respuesta: Base Year
3.
Showing a statistic relative to a base year.
Respuesta: Index Number
4.
A statement that cannot be supported or rebuffed as it is opinionated
Respuesta: Normative Statement
5.
A statement that can be supported or rebuffed with facts.
Respuesta: Positive Statement
6.
All other things being equal. While one variable is changed, the assumption that while one variable is being investigated all others are constant.
Respuesta: Ceteris Parabus
7.
The fact that people have infinite wants but limited resources meaning they need to be allocated between uses.
Respuesta: The Economic Problem
8.
All natural resources including materials and land. Rewarded with rent.
Respuesta: Land
9.
The workforce needed to make the product. Rewarded with wages.
Respuesta: Labour
10.
The tools or machines needed to make the produce. Rewarded with renting/leasing them or a share of their profits.
Respuesta: Capital
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THEME 1 – Markets and Market FailureEconomic Data
Real value - Number adjusted for infaaono
Base year - The year that other values are compared to – it will ofen have a value of 100 for the
given measurement
Index number – Showing a staasac relaave to a base yearo
Normatve Statement – A statement that cannot be supported or rebufed as it is opinionated
Positve Statement - A statement that can be supported or rebufed with factso
Ceteris Paribus – All other things being equalo While one variable is changed, the assumpaon that
while one variable is being invesagated all others are constanto
The Economic Problem – The fact that people have infnite wants but limited resources
meaning they need to be allocated between useso
Choices will always have an opportunity cost, the benefts forgone of the nextt best
alternaaveo
The factors of producton are the things needed to produce a good or serviceo They have
rewards called factor payments when economic agents use them for a period of amee
- Land. All natural resources including materials and lando Rewarded with rento
- Labour. The workforce needed to make the producto Rewarded with wageso
- Capital. The tools or machines needed to make the produceo Rewarded with renangg
leasing them or a share of their proftso
- Enterprise. The seeking of proftable opportuniaes by individualso Reward is profto
Producton Possibility Fronter
PPF - A curve showing the maxtimum potenaal level of outputo This can be used for
individual frms or the economy as a wholeo Possible axtis are consumer and capital goodso
If a frm or economy is operaang on the PPF it is at
full capacitye The level of output at which no exttra
producaon can take place without increasing the
factors of producaono
A movement onto the PPF is short-run economic
growth and an outwards movement of the PPF is
long run economic growtho
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