Edexcel Economics Unit 1
These are flashcards with the key terms and definition for Edexcel Economics Unit 1
- Created by: T.Smith
- Created on: 06-12-12 19:18
| I | V | R | S | A | I | P | I | M | Q | Y | T | R | A | T | X | T | N | J | Y | M |
| B | Y | N | Y | D | L | Q | Y | A | Q | E | M | N | L | N | N | F | L | T | K | L |
| S | D | Y | M | M | A | I | M | R | S | E | N | H | L | D | E | A | M | N | I | Q |
| A | H | V | M | I | B | N | O | G | U | R | N | O | O | S | T | C | A | E | H | N |
| I | C | J | E | N | O | G | N | I | J | U | U | R | C | T | V | T | R | M | L | Q |
| F | G | K | T | I | U | P | O | N | M | T | I | B | A | U | Q | O | K | E | I | O |
| S | W | Y | R | S | R | F | C | A | B | P | P | G | T | A | U | R | E | T | J | U |
| K | R | N | I | T | F | S | E | L | J | A | U | S | I | K | Y | S | T | A | C | G |
| H | I | Q | C | R | O | A | T | C | G | C | B | J | V | O | U | O | D | T | A | B |
| W | M | N | I | A | R | L | E | O | I | Y | E | F | E | A | K | F | I | S | C | O |
| D | R | C | N | T | C | O | K | S | M | R | X | B | E | J | E | P | S | E | P | B |
| I | W | L | F | I | E | J | R | T | I | O | A | X | F | L | N | R | T | V | O | Q |
| V | U | L | O | V | S | U | A | B | T | T | C | A | F | O | Y | O | O | I | G | A |
| Q | S | E | R | E | U | G | M | E | X | A | A | U | I | T | W | D | R | T | T | D |
| I | D | I | M | C | R | X | E | N | G | L | R | L | C | M | I | U | T | A | B | R |
| H | W | M | A | O | V | B | E | E | J | U | N | K | I | K | O | C | I | M | S | N |
| W | Q | G | T | S | E | R | R | F | G | G | H | K | E | W | X | T | O | R | Q | G |
| L | Q | D | I | T | Y | U | F | I | P | E | E | N | N | W | U | I | N | O | G | N |
| G | P | Q | O | S | J | G | T | T | T | R | A | C | C | D | V | O | S | N | G | K |
| L | S | C | N | C | S | V | H | B | S | G | B | C | Y | O | T | N | B | Q | V | S |
| Y | D | P | G | P | O | G | D | H | I | F | U | B | N | S | L | S | O | Y | Q | R |
Clues
- Both buyers and sellers have potential access to the same information. (9, 11)
- Cost of scheme is not covered by what we get back from it (e.g. member of EU & child support agency) (14, 5)
- Cost/benefit of producing one more unit (8, 11)
- Decision on the allocation of resources are left with the price mechanism and there is NO government intervention. (4, 6, 7)
- Government intervention distorts the market (e.g. surplus, farmers over supply as they know that they are going to get a subsidy) (6, 11)
- Land, Labour, Capital and Entrepreneurship (7, 2, 10)
- Occurs when goods and services are distributed according to consumers preferences -> full use of resources (10, 10)
- Private businesses/monopolies need to be regulated by the government. However, regulatory capture is when the interests they set out to protect are ignored, if they regulate businesses too much will want to do business other country,govt less tax (10, 7)
- Statement based on judgement/opinion (9, 9)
- The number of people, of a working age, that are not working (6, 5, 6)
Comments
No comments have yet been made