AQA GCSE Economics topic companion: How Markets Work Page 1
AQA gcse
economics
Topic Companion
How Markets
Work
Answers
www.tutor2u.net/economics
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, AQA GCSE Economics topic companion: How Markets Work Page 2
Chapter 1 Economic Foundations
Activity 1
Separate these goods and services into what you may consider as needs and wants:
Smartphone, Bread, Shoes, Car, Vacuum Cleaner, Vaccinations
Needs Wants
Bread Smartphone
Shoes Vacuum Cleaner
Vaccinations Car
Activity 3
Match the factor of production to the example:
Land Accountant
Labour Digger
Capital Gold Nugget
Enterprise Market Stall Owner
Activity 4
Research these 3 famous entrepreneurs and find out what was the first product
or service that they sold?
Lord Alan Sugar Martha Lane Fox Deborah Meadon
Car Antennas Travel Glass and Ceramics
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, Page 3 AQA GCSE Economics topic companion: How Markets Work
Activity 5
List 3 possible benefits of purchasing a car (e.g. a small family saloon) and 3 further benefits of
taking a holiday (e.g. a family holiday to a Spanish resort)
Car Holiday
Faster travel Improves health through relaxation
Further distances can be reached Reduced stress can improve worker output
Cheaper than alternative forms of transport Break from work can improve output
Multi Choice Questions
1 2 3 4 5
B D A D C
Short answer questions
6 Possible answers:
Labour (farmer, teacher, footballer, baker)
Land (coal, maize, sheep, water)
2 Marks
7 Possible answer:
Opportunity cost is the cost of giving up the next best alternative 1 Mark
One possible alternative to a tablet may be a laptop 1 Mark
www.tutor2u.net/economics Copyright Tutor2u Limited / All Rights Reserved
AQA gcse
economics
Topic Companion
How Markets
Work
Answers
www.tutor2u.net/economics
Copyright Tutor2u Limited / All Rights Reserved www.tutor2u.net/economics
, AQA GCSE Economics topic companion: How Markets Work Page 2
Chapter 1 Economic Foundations
Activity 1
Separate these goods and services into what you may consider as needs and wants:
Smartphone, Bread, Shoes, Car, Vacuum Cleaner, Vaccinations
Needs Wants
Bread Smartphone
Shoes Vacuum Cleaner
Vaccinations Car
Activity 3
Match the factor of production to the example:
Land Accountant
Labour Digger
Capital Gold Nugget
Enterprise Market Stall Owner
Activity 4
Research these 3 famous entrepreneurs and find out what was the first product
or service that they sold?
Lord Alan Sugar Martha Lane Fox Deborah Meadon
Car Antennas Travel Glass and Ceramics
Copyright Tutor2u Limited / All Rights Reserved www.tutor2u.net/economics
, Page 3 AQA GCSE Economics topic companion: How Markets Work
Activity 5
List 3 possible benefits of purchasing a car (e.g. a small family saloon) and 3 further benefits of
taking a holiday (e.g. a family holiday to a Spanish resort)
Car Holiday
Faster travel Improves health through relaxation
Further distances can be reached Reduced stress can improve worker output
Cheaper than alternative forms of transport Break from work can improve output
Multi Choice Questions
1 2 3 4 5
B D A D C
Short answer questions
6 Possible answers:
Labour (farmer, teacher, footballer, baker)
Land (coal, maize, sheep, water)
2 Marks
7 Possible answer:
Opportunity cost is the cost of giving up the next best alternative 1 Mark
One possible alternative to a tablet may be a laptop 1 Mark
www.tutor2u.net/economics Copyright Tutor2u Limited / All Rights Reserved
