Edexcel Economics 1. Introduction to Economics

Description

Term

The optimal allocation of scarce resources

A variable that has an internal cause or origin

An examination of the additional (marginal) benefits and costs of a change in behaviour

What has a coefficient of zero?

What has a coefficient of one?

What is shown by the following calculation: (%∆QD)/(%∆P)?

The number of people able to work who are currently out of the labour force

A subjective statement that relies on opinion and carries a value judgement

The situation of people having unlimited wants in the face of limited resources

When a country produces or has the potential to produce more goods and services

Description

Term

Something that is produced via the consumption of resources

A variable that has an external cause or origin

Natural resources that cannot be replaced once used

A product the consumption of which is considered desirable due to its positive effects on consumers and thus subsidised or provided free by government such as healthcare

When a change in one variable causes a change in another variable in the same direction

What is shown by the following calculation: quantity of goods sold×price of goods?

A graph showing variance in demand with changes in price

The value of the next best forgone alternative

The number of people registered as being able to work (as well as the number of hours worked per person)

Products that have no direct relation