The Economic Problem - Key Words 0.0 / 5 ? EconomicsThe economic problemA2/A-levelAQA Created by: meganjxmesCreated on: 12-05-18 11:50 Objective statements that can be tested and disproved POSSITIVE 1 of 12 Subjective statements that contain a value judgement - opinions NORMATIVE 2 of 12 Factor of production - equipment used to produce goods and services CAPITAL 3 of 12 Choice made between two conflicting objectives, when you cannot achieve at the same time TRADE-OFF 4 of 12 The next best alternative given up in making a choice OPPORTUNITY COST 5 of 12 Market that allocates resources based on supply, demand and the price mechanism FREE MARKET 6 of 12 Economy in which the government decides how resources should be allocated COMMAND ECONOMY 7 of 12 When free markets result in undesirable outcomes MARKET FAILURE 8 of 12 The change in a variable caused by an increase of one unit of another variable MARGIN 9 of 12 Well-being, happiness, satisfaction - economic agents aim to maximise this UTILITY 10 of 12 Benefit gained from consuming one additional unit of a good MARGINAL UTILITY 11 of 12 Overall benefit gained from consuming a good TOTAL UTILITY 12 of 12
AQA Unit 3 Economics: Business Economics and the Distribution of Income 5.0 / 5 based on 1 rating Teacher recommended
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