Edexcel A-Level Economics Theme 1
EXAM QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025)
Model - Correct Answers ✅A theoretical concept that looks
at how differant variables interact.
Ceteris Paribus - Correct Answers ✅All other factors remain
the same.
Positive Statement - Correct Answers ✅Objective, factually
based comments that can be tested.
Normative Statement - Correct Answers ✅Subjective,
questionable comments based on valued judgements that are
difficult to test.
Scarcity - Correct Answers ✅When there are unlimited
human wants but limited number of resources to meet these
wants.
Economic Problem - Correct Answers ✅Making choices on
how to allocate scarce resources to best meet our needs and
wants.
Renewable Resources - Correct Answers ✅Can be
replenished.
,Edexcel A-Level Economics Theme 1
EXAM QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025)
Non-Renewable Resources - Correct Answers ✅Finite
supply, will run out.
Sustainable Resources - Correct Answers ✅Used for
economic activities in such a manner they wont run out.
Oppotunity Cost - Correct Answers ✅The benefit lost of the
next best alternative when making a choice.
Production Possibility Frontier - Correct Answers ✅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 - Correct Answers ✅1. Land
2. Labour
3. Capital
4. Enterprise
Productive Efficiency - Correct Answers ✅When the
economy uses minimum inputs to produce maximum output
at lower cost.
, Edexcel A-Level Economics Theme 1
EXAM QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025)
Allocative Efficiency - Correct Answers ✅Social welfare is
maximised in the production of goods and services.
Supply-Side Policy - Correct Answers ✅Government
attempt to productivly increase supply.
Capital Goods - Correct Answers ✅Goods used to make
consumer goods and services.
Consumer Goods - Correct Answers ✅Goods and services
that satisfy our needs.
Production - Correct Answers ✅Measure of goods and
services produced.
Productivity - Correct Answers ✅Measure of efficiency of
factors of production measured by output per person
employed or output per person hour.
Specialisation - Correct Answers ✅Occurs when economic
units focus on producing specific goods or services.
Division of Labour - Correct Answers ✅Specialised use of
workers within an organisation.
EXAM QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025)
Model - Correct Answers ✅A theoretical concept that looks
at how differant variables interact.
Ceteris Paribus - Correct Answers ✅All other factors remain
the same.
Positive Statement - Correct Answers ✅Objective, factually
based comments that can be tested.
Normative Statement - Correct Answers ✅Subjective,
questionable comments based on valued judgements that are
difficult to test.
Scarcity - Correct Answers ✅When there are unlimited
human wants but limited number of resources to meet these
wants.
Economic Problem - Correct Answers ✅Making choices on
how to allocate scarce resources to best meet our needs and
wants.
Renewable Resources - Correct Answers ✅Can be
replenished.
,Edexcel A-Level Economics Theme 1
EXAM QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025)
Non-Renewable Resources - Correct Answers ✅Finite
supply, will run out.
Sustainable Resources - Correct Answers ✅Used for
economic activities in such a manner they wont run out.
Oppotunity Cost - Correct Answers ✅The benefit lost of the
next best alternative when making a choice.
Production Possibility Frontier - Correct Answers ✅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 - Correct Answers ✅1. Land
2. Labour
3. Capital
4. Enterprise
Productive Efficiency - Correct Answers ✅When the
economy uses minimum inputs to produce maximum output
at lower cost.
, Edexcel A-Level Economics Theme 1
EXAM QUESTIONS AND ANSWERS 100%
SOLVED (Newest 2025)
Allocative Efficiency - Correct Answers ✅Social welfare is
maximised in the production of goods and services.
Supply-Side Policy - Correct Answers ✅Government
attempt to productivly increase supply.
Capital Goods - Correct Answers ✅Goods used to make
consumer goods and services.
Consumer Goods - Correct Answers ✅Goods and services
that satisfy our needs.
Production - Correct Answers ✅Measure of goods and
services produced.
Productivity - Correct Answers ✅Measure of efficiency of
factors of production measured by output per person
employed or output per person hour.
Specialisation - Correct Answers ✅Occurs when economic
units focus on producing specific goods or services.
Division of Labour - Correct Answers ✅Specialised use of
workers within an organisation.
