edexcel economics unit 1 definitions
Edexcel AS economics unit 1 (micro)
- Created by: Ria
- Created on: 29-04-12 20:22
Other questions in this quiz
2. What is the division of labour?
- the production process broken up into several tasks and labour is allocated to each task
- derived demand
- the difference between the price consumers are willing to pay and the market price
3. An ad valorem tax is a parallel shift to AS
- False
- True
4. Market failure occurs when the price mechanism leads to inefficient allocation of resources
- True
- False
5. A minimum price scheme is
- where resources are allocated by the price mechanism
- a floor price below which price cannot fall
- grant to firms to lower production costs
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