Summary
Summary Theme 1 - Complete Revision Notes
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All the essentials for Theme 1 (Markets and Market Failure) of Edexcel/Pearson in an easy to read format. Includes all diagrams and definitions.
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Available practice questions
Economics - Theme 1 Definitions
Flashcards
63 Flashcards
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Flashcards
63 Flashcards
$3.81
0 sales
Some examples from this set of practice questions
1.
Number adjusted for inflation.
Answer: Real Value
2.
The year that other values are compared to – it will often have a value of 100 for the given measurement
Answer: Base Year
3.
Showing a statistic relative to a base year.
Answer: Index Number
4.
A statement that cannot be supported or rebuffed as it is opinionated
Answer: Normative Statement
5.
A statement that can be supported or rebuffed with facts.
Answer: Positive Statement
6.
All other things being equal. While one variable is changed, the assumption that while one variable is being investigated all others are constant.
Answer: Ceteris Parabus
7.
The fact that people have infinite wants but limited resources meaning they need to be allocated between uses.
Answer: The Economic Problem
8.
All natural resources including materials and land. Rewarded with rent.
Answer: Land
9.
The workforce needed to make the product. Rewarded with wages.
Answer: Labour
10.
The tools or machines needed to make the produce. Rewarded with renting/leasing them or a share of their profits.
Answer: Capital
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