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Updated 2024 Edexcel A-level Economics Theme 1

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Economics - The study of the allocation of scarce resources. Economic Goods - Resources that are scarce. Short Run - A time period where at least one factor of production is fixed. Long Run - A time period where all factors of production are variable. Productivity - The output per unit of input. The Economic Problem - Resources are scarce but wants are infinite. Scarcity - The world's resources are limited, there are only limited amounts of land, water, oil, food, etc.. Therefore, re...

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  • uploaded  16-01-2024
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