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Add to cartWhat is the basic economic problem?
The basic economic problem is scarcity, which arises because resources are limited while human wants are unlimited.
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Define opportunity cost.
Opportunity cost is the value of the next best alternative foregone when a choice is made.
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What is meant by the term market equilibrium?
Market equilibrium is the point where the quantity demanded equals the quantity supplied at a particular price.
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Explain the law of demand.
The law of demand states that, ceteris paribus, as the price of a good or service decreases, the quantity demanded increases, and vice versa.
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What factors can cause a shift in the demand curve?
Factors include changes in consumer income, tastes and preferences, prices of related goods, expectations of future prices, and the number of buyers.
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What is the difference between a normal good and an inferior good?
A normal good is one where demand increases as consumer income rises, whereas an inferior good is one where demand decreases as consumer income rises.
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Define price elasticity of demand (PED).
PED measures the responsiveness of quantity demanded to a change in price, calculated as the percentage change in quantity demanded divided by the percentage change in price.
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What does it mean if a good has an inelastic demand?
If a good has inelastic demand, the quantity demanded is relatively unresponsive to price changes, meaning PED is less than 1.
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Create quizThe following are 64 practice questions designed to help you prepare for the AQA AS Economics 7135 exam. Each question is followed by a detailed answer to aid in your study and understanding of key economic concepts.
64 questions
English
05-31-2024
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