Edexcel A-level Economics Paper 1 Sample Questions and Answers
Economics The study of the allocation of scarce resources. Economic Goods Resources that are scarce. Short Run A time period where at least one factor of production is fixed. Long Run A time period where all factors of production are variable. Productivity The output per unit of input. The Economic Problem Resources are scarce but wants are infinite. Scarcity The world's resources are limited, there are only limited amounts of land, water, oil, food, etc.. Therefore, resources are scarce. Free Goods Goods that are unlimited in supply and therefore have no opportunity cost. Economic Agents Consumer, Business and Governments. Agents involved in Economic transactions. Production Possibility Frontier The maximum potential output of a combination of goods an economy can achieve when all its resources are fully and efficiently employed, given the level of technology. Opportunity Cost The next best alternative foregone. Economic Growth Increase an economy's productive potential. Capital Goods Goods intended for use in production, rather than by consumers. Consumer Goods Goods designed for use by final consumers. Renewable Resources A resource whose stock level can be replenished naturally over a period of time.
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- Subido en
- 4 de junio de 2024
- Número de páginas
- 16
- Escrito en
- 2023/2024
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- Examen
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