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Page 1

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Unit 1 questions
1. Define scarcity
2. Define production possibility frontier
3. 5 causes that shift ppf outwards & what does it indicate?
4. 2 causes that shift ppf inwards & what does this indicate?
5. Define specialisation
6. State advantages/disadvantages of specialisation
7. Define division of labour
8. 3…

Page 2

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Economics unit 1 questions (why do some markets fail?)
1) Wage rate is determined by what?
2) Demand for labour is undertaken by whom?
3) Why is demand for labour a derived demand?
4) Draw diagram of labour market
5) State the 6 determinants of the demand for labour
6)…

Page 3

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11. 3 disadvantages of extending property rights
12. Outline government regulation to control externalities
13. 3 advantages of regulation
14. 3 disadvantages of regulation
15. What is a buffer stock scheme?
16. Outline how buffer stock scheme works with a good harvest
17. Outline how buffer stock scheme works with…

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