Study guides, Class notes & Summaries

Introduction to Economics #2024 Exam Prep |100% Correct| Scarcity *Ans* A fundamental economic problem facing all societies. A condition that results from having scarce resources and unlimited wants of people. Economics *Ans* A social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants. Need *Ans* A basic requirement for survival. Food, water, shelter. Want *Ans* Something that is desired, but...

Economics Test Out with 100% Correct Answers |Latest Release| economics *Ans* the study of how people choose to se their limited resources to satisfy their unlimited wants economy *Ans* a system used to manage limited resources for the production, distribution, and consumption of goods and services positive economics *Ans* the branch of economics that uses objective analysis to find out how the world works; the goal is to describe how things are normative economics *Ans* the branch o...

Economics Unit 2 Exam Guide [100% Correct] |Latest Release| demand *Ans* the desire to own something and the ability to pay for it law of demand *Ans* price goes up, demand goes down; price goes down, demand goes up substitution effect *Ans* when consumers react to an increase in a good's price by consuming less of that good and more of other goods income effect *Ans* change in consumption resulting from a change in real income demand schedule *Ans* a table that lists the quantity of...

Inflation in Economics with 100% Correct Answers |2024 Release| What is inflation? *Ans* • An increase in the price of goods & services that is representative of the economy as a whole • The upward movement in the average level of prices What two ways can we measure inflation? *Ans* Price index and consumer price index Price Index *Ans* • A measurement that shows how the average price of a standard group of goods changes over time • Produces an average that economists compare t...

#1 Economics Supply with 100% Correct Answers |latest| supply *Ans* the amount of goods available quantity supplied *Ans* describes how much of a good or service a producer is willing and able to sell at a specific price two movements that combine to create the law of supply *Ans* higher production and market entry higher production *Ans* the promise of increased revenues when prices are high encourages firms to produce more market entry *Ans* rising prices draw new firms into a mar...

Introduction to Economics #2024 Based on the lesson, what would most affect the price a consumer is willing to pay for a newer version of a laptop computer? *Ans* the demand for the added performance elements Studying economics best helps an individual determine how to achieve economic *Ans* goals A producer would most likely *Ans* serve in a coffee shop. Which individual is a producer? *Ans* a host who seats customers in a busy restaurant Becoming informed about economics helps a per...

Edexcel A Level Economics All Diagrams Study Guide 100% Correct |Graded A+| Production Possibility Frontier Supply and demand diagram showing equilibrium Supply and demand surplus Increase in demand Decrease in demand Increase in supply Decrease in supply Consumer surplus Producer surplus Inelastic demand Elastic demand Unitary elastic demand Perfectly elastic demand Perfectly inelastic deman

Economics IGCSE EDEXCEL 100% Correct Answers |UPDATED| Advalorem tax *Ans* Tax levied as a percentage of the price of a good. Aggregate demand *Ans* Total demand in the economy including consumption, investment, government expenditure and exports minus imports. Anti-competitive practices or restrictive trade practices *Ans* An attempt by firms to prevent or restrict competition. Assisted areas *Ans* Areas designated as having problems by the UK or EU and are eligible for support. Av...

Edexcel A-Level Economics Exam Review with 100% Correct Answers Model *Ans* A theoretical concept that looks at how differant variables interact. Ceteris Paribus *Ans* All other factors remain the same. Positive Statement *Ans* Objective, factually based comments that can be tested. Normative Statement *Ans* Subjective, questionable comments based on valued judgements that are difficult to test. Scarcity *Ans* When there are unlimited human wants but limited number of resources to mee...

IGCSE Economics |Graded A+| #Latest Study Guide Opportunity cost *Ans* A cost of choosing one thing over the next best alternative. The economic problem *Ans* The idea that resources are scare and wants are unlimited Economy *Ans* Where people produce goods and services. Market *Ans* Where a group of people willing to exchange goods and services meet. Perfect market *Ans* Neither Consumer/producer solely influence the price charged for goods and services Imperfect market *Ans* a powerf...