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Edexcel A-level Economics Theme 2 Exam 2024 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 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....
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Edexcel A-level Economics Theme 1-4 Exam 2024 Questions & Answers (SCORED A+)
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Economics - ANSWERSThe study of the allocation of scarce resources. 
 
Economic Goods - ANSWERSResources that are scarce. 
 
Short Run - ANSWERSA time period where at least one factor of production is fixed. 
 
Long Run - ANSWERSA time period where all factors of production are variable. 
 
Productivity - ANSWERSThe output per unit of input. 
 
The Economic Problem - ANSWERSResources are scarce but wants are infinite. 
 
Scarcity - ANSWERSThe world's resources are limited, there are only limite...
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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 Economics Theme 2.2-2.4 Questions & Answers 100% Correct!
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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...
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Edexcel A-Level Economics Exams 2024 Questions And Answers 100% Updated!
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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 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...
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Edexcel A-Level Economics Exam 2024 Questions & Answers 100% Correct!
- Exam (elaborations) • 142 pages • 2024
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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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Edexcel A-level Economics Theme 2 Exam 2024 Questions & Answers 100% Updated!
- Exam (elaborations) • 17 pages • 2024
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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....
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Edexcel A-level Economics Theme 3 Exam 2024 Questions & Answers 100% Correct!
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Backwards vertical integration - ANSWERSa joining together into one firm of two or more firms where the purchaser merges with/takes over one or more of its suppliers 
 
Conglomerate integration - ANSWERSa joining together into one firm of two or more firms producing unrelated products 
 
Demerger - ANSWERSwhen a firm splits into two or more independent businesses 
 
Divorce of ownership from control - ANSWERSwhen managers and directors of a business are different from the owners of a business (t...
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Edexcel A-level Economics Theme 1-4 Exam 2024 Questions & Answers 100% Correct!
- Exam (elaborations) • 37 pages • 2024
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Economics - ANSWERSThe study of the allocation of scarce resources. 
 
Economic Goods - ANSWERSResources that are scarce. 
 
Short Run - ANSWERSA time period where at least one factor of production is fixed. 
 
Long Run - ANSWERSA time period where all factors of production are variable. 
 
Productivity - ANSWERSThe output per unit of input. 
 
The Economic Problem - ANSWERSResources are scarce but wants are infinite. 
 
Scarcity - ANSWERSThe world's resources are limited, there are only limite...
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Edexcel A-Level Economics Exam Update (Economic Definitions) 2023- 2024 Questions and Correct Answers Rated A+
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Edexcel A-Level Economics Exam 
Update (Economic Definitions) 2023- 
2024 Questions and Correct Answers 
Rated A+
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