Edexcel A-Level Economics Theme 1 Review Questions and Answers
Model A theoretical concept that looks at how differant variables interact. Ceteris Paribus All other factors remain the same. Positive Statement Objective, factually based comments that can be tested. Normative Statement Subjective, questionable comments based on valued judgements that are difficult to test. Scarcity When there are unlimited human wants but limited number of resources to meet these wants. Economic Problem Making choices on how to allocate scarce resources to best meet our needs and wants. Renewable Resources Can be replenished. Non-Renewable Resources Finite supply, will run out. Sustainable Resources Used for economic activities in such a manner they wont run out. Oppotunity Cost The benefit lost of the next best alternative when making a choice. Production Possibility Frontier A curve which represents all possible combinations of goods an economy or a firm can produce when all factors of production are fully employed and used efficiently. Factors of Production 1. Land 2. Labour 3. Capital 4. Enterprise Productive Efficiency When the economy uses minimum inputs to produce maximum output at lower cost.
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- Subido en
- 4 de junio de 2024
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- 2023/2024
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