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Edexcel A-level Economics Paper 1 2024/2025 questions and correct answers
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Edexcel A-level Economics Paper 1 
2024/2025 questions and correct 
answers 
Economics - answer The study of the allocation of scarce resources. 
 Economic Goods - answer Resources that are scarce. 
 Short Run - answer A time period where at least one factor of production is fixed. 
 Long Run - answer A time period where all factors of production are variable. 
 Productivity - answer The output per unit of input. 
 The Economic Problem - answer Resources are scarce but wants are infinite. 
 Sca...
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Edexcel A-Level Further Mathematics Core Pure with Q & A
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Edexcel A-Level Further Mathematics Core Pure with Q & A 
 
Conjecture ANSWER Statement that has not yet been proven 
 
What is mathematical proof? ANSWER Proceeding from given assumptions through a series of logical steps to a conclusion 
 
Proof sqrt(2) is irrational using proof by contradiction ANSWER - assume sqrt(2) is rational so it can be written as a/b where a and b are integers and a/b is in it's simplest form 
- sqrt(2)=a/b ⇒ a²=2b² ⇒ a² is even ⇒ a is even 
- if a is even it...
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Edexcel A-level Economics Paper 1 2024/2025 questions and correct answers
- Exam (elaborations) • 16 pages • 2024
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Edexcel A-level Economics Paper 1 
2024/2025 questions and correct 
answers 
Economics - answer The study of the allocation of scarce resources. 
 Economic Goods - answer Resources that are scarce. 
 Short Run - answer A time period where at least one factor of production is fixed. 
 Long Run - answer A time period where all factors of production are variable. 
 Productivity - answer The output per unit of input. 
 The Economic Problem - answer Resources are scarce but wants are infinite. 
 Sca...
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Edexcel A-Level Economics Exam 2024 Questions & Answers 100% accurate!
- Exam (elaborations) • 142 pages • 2024
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Edexcel A-Level Economics Exam 2024 Questions & Answers 100% accurate! 
Absolute advantage - ANSWERSWhen a country's output of a product per unit of input is greater than that of any other country. 
 
Absolute poverty - ANSWERSWhen a person does not have the income or wealth to fulfil their basic needs. 
 
Aggregate Demand (AD) - ANSWERSThe total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net exte...
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Edexcel A level Economics Theme EXAM BUNDLE(COMPLETE PACKAGE)2024 Questions & Answers 100% Correct!
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Edexcel A level Economics Theme EXAM BUNDLE(COMPLETE PACKAGE)2024 Questions & Answers 100% Correct!Edexcel A level Economics Theme EXAM BUNDLE(COMPLETE PACKAGE)2024 Questions & Answers 100% Correct!Edexcel A level Economics Theme EXAM BUNDLE(COMPLETE PACKAGE)2024 Questions & Answers 100% Correct!Edexcel A level Economics Theme EXAM BUNDLE(COMPLETE
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Edexcel A Level Macroeconomics Exam 2024 Questions & ANSWERS 100% Correct!
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AD (def.) - ANSWERSTotal level of planned real expenditure on g/s produced within country in given time period 
 
AS (def.) - ANSWERSTotal supply of all g/s in economy 
 
AD (eq.) - ANSWERSAD = C + I + G + (X - M) 
 
Factors that affect AD: C - ANSWERS∝ disposable income 
∝ employment 
 
∝ 1/interest rate 
∝ availability of credit 
 
∝ confidence 
∝ wealth 
 
∝ inflation (short run) 
∝ 1/inflation (long run) 
 
Factors that affect AD: G - ANSWERS∝ size of public sector 
∝ dep...
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Edexcel A level Economics Theme 4Exam 2024 Questions & Answers 100% Correct!
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Globalisation - ANSWERSthe ever-increasing integration of world markets into a single world market 
 
Multinational company - ANSWERSa company with significant production operations in two or more countries 
 
Transfer pricing - ANSWERSan accounting technique through which multinational companies can reduce taxes on profits by selling goods at a low cost internally from a high-tax country to another part of the company in a low-tax country 
 
Absolute advantage - ANSWERSwhen a country can produc...
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Edexcel A-level Economics Paper 2 Questions & Answers 100% Correct!
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Macroeconomics - ANSWERSThe study of the economy as a whole, including inflation, growth and unemployment. 
 
Aggregate demand - ANSWERSThe total of all demands or expenditures in the economy at any given price. 
 
Aggregate demand curve - ANSWERSShows the relationship between the price level and equilibrium national income. As the price level rises the equilibrium level of national income falls. 
 
Animal spirits - ANSWERSBusiness confidence: the mood of managers and owners of firms about the f...
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Edexcel A Level Economics all Diagrams Exam 2024 Questions & Answrs 100% Correct!
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Production Possibility Frontier - ANSWERS 
 
Supply and demand diagram showing equilibrium - ANSWERS 
 
Supply and demand surplus - ANSWERS 
 
Increase in demand - ANSWERS 
 
Decrease in demand - ANSWERS 
 
Increase in supply - ANSWERS 
 
Decrease in supply - ANSWERS 
 
Consumer surplus - ANSWERS 
 
Producer surplus - ANSWERS 
 
Inelastic demand - ANSWERS 
 
Elastic demand - ANSWERS 
 
Unitary elastic demand - ANSWERS 
 
Perfectly elastic demand - ANSWERS 
 
Perfectly inelastic demand - ANSWERS ...
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Edexcel A-Level Economics A: Definitions Exam 2024 Questions & Answers 100% Correct!
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Absolute advantage - ANSWERSWhen a country's output of a product per unit of input is greater than that of any other country. 
 
Absolute poverty - ANSWERSWhen a person does not have the income or wealth to fulfil their basic needs. 
 
Aggregate Demand (AD) - ANSWERSThe total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. 
 
Aggregate Supply (AS) - ANSWERSThe total amount of goods...
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