Economics Unit 1 Definitions

Keywords and their definitions for the Edexcel Unit 1 Economics exam.

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  • Created by: mo-abas
  • Created on: 20-04-13 19:31
J E N T R E P R E N E U R S H I P H R U J
F R E E M A R K E T E C O N O M Y K P V K
R O Q V G P D Q H A G L P I J G Y I C G O
B A S I C E C O N O M I C P R O B L E M D
K G N O M D G H F A O F Q P I B I F S U S
C F A C T O R S O F P R O D U C T I O N L
M Q G O V E R N M E N T F A I L U R E G A
W F X N A V C N H H Q P Y P J V Q X G B B
V X I D S E N U J K A M H M I N E W N Y P
P I D I V I S I O N O F L A B O U R L S O
K F O E R C U A X R F K B D K S A C T E V
L F P O S I T I V E S T A T E M E N T F W
Y D A Y F T G I F F O V O V P F H X A I U
N A T I O N A L M I N I M U M W A G E K Q
N E G A T I V E E X T E R N A L I T Y T I
Q C O M P L I M E N T A R Y G O O D S P J
L T Q P N K C C D B K F L N H T Q A O U I
O R X M S J S O O H D X Y B B Y D S S A I
V L F K W Q M I R N I Y W A P T I H I T N
P J O M B D Y A K D U R P N U K S P T K N
S G P T Q C T D I X W K B V R T O G H B W

Clues

  • A sum of money that is legally the minimum amount that an employer can pay an employee. It is usually set at an hourly rate. (8, 7, 4)
  • An economy in which what, how and for whom to produce are determined through the forces of supply and demand with little or no state intervention. (4, 6, 7)
  • Goods or services that are frequently consumed together. (E.g - Tea and Biscuits) (13, 5)
  • If social cost exceeds private cost, the difference is a negative externality (it means the same as external cost. (8, 11)
  • jnkAn economic statement that can be tested in order to determine whether or not it is true. (8, 9)
  • Resources are scarce but wants are unlimited. (5, 8, 7)
  • Situation when government interference in a market to correct market failure results in a less efficient allocation of resources. (10, 7)
  • The ability to get things moving, to organize and to take risks. Paid in profit. (16)
  • The way in which tasks in the production process are broken down and allocated to different people. (8, 2, 6)
  • Various resources, taken as a collective group, which contribute to the production of a product or service (CELL - Capital, Entrepreneurship, Land, Labour). (7, 2, 10)

Comments

davidsalter

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This set of 51 flash cards covers the main micro economic definitions required for the AS exam. Good for last minute revision.

Vanessa-Ranae

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extremely helpful. Thank you

alr

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really useful !!! thanks

Chenna05

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It was incredibly helpful and interesting ... it made revision fun! Thank you! 

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