edexcel economics unit 1 definitions

Edexcel AS economics unit 1 (micro)

?
  • Created by: Ria
  • Created on: 29-04-12 20:22

1. Define opportunity cost

  • the value of the next best alternative forgone
  • a graph showing the max output combo
  • the benefits on third parties
1 of 5

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

Comments

top student

Report

quite good make more cards

Similar Economics resources:

See all Economics resources »