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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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Edexcel A Level Business Formulas 2023-2024 Questions and Answers A+ Rating
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Edexcel A Level Business Formulas 
 Questions and Answers A+ 
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Edexcel A Level Business Formulas 2023-2024 Questions and Answers A+ Rating
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Edexcel A Level Business Formulas 
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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 
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Edexcel A-level Economics Theme 1 Exam 2023-2024 Latest Update Questions and Correct Answers Rated A+
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Edexcel A-level Economics Theme 1 
Exam Latest Update 
Questions and Correct Answers 
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Edexcel A Level Business - Theme 1 Exam Latest 2023-2024 Questions and Correct Answers Rated A+
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Total revenue or total expenditure - ANSWER-The amount of revenue 
generated from the sale of goods calculated by multiplying price by 
quantity in a given period of time 
Price elastic demand - ANSWER-A change in price results in a greater 
change in demand 
Price elasticity of demand - ANSWER-The responsiveness of demand to a 
change in price 
Price inelastic demand - ANSWER-A change in price results in a 
proportionately smaller change in demand 
Discretionary expenditure - ANSW
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Edexcel A Level Business - Theme 1 Exam Latest 2023-2024 Questions and Correct Answers Rated A+
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Total revenue or total expenditure - ANSWER-The amount of revenue 
generated from the sale of goods calculated by multiplying price by 
quantity in a given period of time 
Price elastic demand - ANSWER-A change in price results in a greater 
change in demand 
Price elasticity of demand - ANSWER-The responsiveness of demand to a 
change in price 
Price inelastic demand - ANSWER-A change in price results in a 
proportionately smaller change in demand 
Discretionary expenditure - ANSW
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Edexcel A Level Business Formulas 2023-2024 Questions and Answers A+ Rating
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Labour turnover - ANSWER-number of employees leaving/total number of 
employees X 100 
Average cost per unit - ANSWER-total production costs/total output 
Actual output/maximum possi
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