Edexcel economics unit 1 questions

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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 advantages of division of labour
9. 3 disadvantages of division of labour
10. Define a renewable resource
11. Define a non renewable resource
12. Define free market, mixed & command economy
13. Define positive/normative statement
14. Define consumer/ producer surplus
15. Define Joint supply
16. Identify 3 functions of the price mechanism
17. Explain the 3 functions of price mechanism
18. Define price elasticity of demand
19. State determinants of PED
20. Define price elasticity of supply
21. State determinants of PES
22. Define Income elasticity of demand
23. Define normal/inferior good
24. Define Cross elasticity of demand
25. Define substitute/ complementary good
26. Define tax
27. Define indirect tax
28. Define ad valorem tax & draw diagram
29. Define specific tax & draw diagram
30. Define direct tax
31. Discuss the incidence of indirect tax to the consumer/producer
32. Define subsidy
33. If demand is price inelastic what affect will the subsidy have on the consumer?
34. If demand is price elastic what affect will the subsidy have on the consumer?
35. Draw diagram of subsidy

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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) State the 8 determinants of the supply of labour
7) Give 3 points to do with National minimum wage.…read more

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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 a poor harvest
18. 3 advantages of buffer stock scheme
19. 5 advantages of buffer stock scheme
20. Outline how a minimum pricing works
21. Draw minimum pricing diagram
22. 5 advantages of minimum pricing
23. 6 advantages of minimum pricing
24.…read more


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