Study guides, Class notes & Summaries

Edexcel A-Level Economics Exams 2024 Questions & Answers 100% verified! Absolute advantage - ANSWERSWhen a country's output of a product per unit of input is greater than that of any other country. 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. Absolute poverty - ANSWERSWhen a person does not have the ...

Edexcel A-level Economics Theme 1-4 Exam 2024 Questions & Answers 100% Correct!

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. Scarcity - answer The world's resources are limited, there are only limited amounts of...

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 future of their industry and the wider economy. Investment - AnswersThe addition to the capital stock of the...

Absolute advantage - ANSWERSWhen a country's output of a product per unit of input is greater than that of any other country. 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. Absolute poverty - ANSWERSWhen a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) - AN...

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...

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...

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...

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

Macroeconomics - ANSWERSThe study of the economy as a whole, including inflation, growth and unemployment. Aggregate demand - ANSWERSThe total amount of goods / services demanded in an economy at a given time at a given price level. Aggregate supply - ANSWERSTotal amount of goods and services supplied in the economy at a given time at given price level. What is GDP? - ANSWERSGross Domestic Product = the total value of all goods and services produced in an economy in a given time period....