A LEVEL Economics Study guides, Class notes & Summaries

AQA A-level ECONOMICS 7136/3 Paper 3 Economic Principles and Issues Mark scheme June 2023 Version: 1.0 Final

A-Level Economics A bear - qualified answerssomeone who sells shares expecting their price to fall. A bull - qualified answerssomeone who buys shares expecting their price to rise. A central bank - qualified answersa government-owned bank which provides banking services to the government and commercial banks. A co-operative - qualified answersa firm that exists for the benefits of its members. A contraction in demand - qualified answersa fall in the quantity demanded caused by a rise in...

Economic problem limited resources and unlimited wants marginal cost the increase in total cost that arises from an extra unit of production Ceteris parabus All this held consant Opportunity Cost The cost expressed in terms of the benefits of the next best thing forgone Positive statments Objective statements that can be backed with evidence Normative statements Subjective statements that cannot be backed with evidence Time periods Short run, Long run, Very-long run Short run One factor o...

What are the 4 factors of production? Capital, enterprise, land and labour What is the basic economic problem? How best to make decisions about the allocation of scarce resources among competing uses so as to maximise human happiness and welfare Economic goods Goods that have an opportunity cost in consumption as they use up scarce resources Free good Goods that don't have an opportunity cost in consumption as they don't use up scarce resources YED of a normal good Positive YED of an infe...

Edexcel A-level Economics Theme 4 Test with Latest Questions & Expert Answers Globalisation ANSWER Increased interdependence between countries and the rapid rate of change it brings about Factors contributing to globalisation (5) ANSWER Improvements in infrastructure (Quicker, more reliable and cheaper methods enabling production) Improvements in IT and communication (Allows global operations) Trade Liberalisation (Reduces protectionism and makes trade cheaper - specialisation) In...

Edexcel A Level Economics Exam Paper 2 with Standard Questions and Verified Solutions Actual economic growth ANSWER an increase in real GDP Potential economic growth ANSWER An increase in the productive capacity of the economy economic growth ANSWER an increase in the rate of change of output (measured as a % of real GDP) GDP ANSWER the total value of goods and services produced in an economy in one year Real GDP ANSWER taking the effects of inflation into account GNI ANSWER th...

Edexcel A-level Economics Preparation Guide for Upcoming Exams Macroeconomic objectives of government ANSWER - Economic growth - Low inflation (2%) - Full employment, low unemployment - Balance of payments - Fair distribution of income Non-core government objectives ANSWER - Environmental sustainability - Productivity growth ... Circular flow of income diagram ANSWER Leakages in the circular flow ANSWER Leaked from factor incomes that firms give to households. - S: savings -...