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AQA Economics AS #1

AQA economics AS level. Chapter 1.
Quiz by EvanRoberts
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Last updated: November 21, 2016
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First submittedNovember 21, 2016
Times taken279
Average score46.7%
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Answer
What are the 4 factors of production?
Land
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Labour
-
Capital
-
Enterprise
Economics is the allocation of what?
Scarce Resources
The fundamental aim of economics is to maximise what?
Human welfare
And what?
Human happiness
Why does scarcity occur?
Limited resources
 
Answer
What is foregone as opportunity cost?
Next best alternative
How many products are displayed on a PPF?
2
What does PPF stand for?
Production Possibility Frontier
What percentage of resources are fully and efficiently employed at any point on a PPF?
100%
What is the term used to describe when all willing and able to work are employed?
Full employment
When it is impossible for an economy to produce one more good without producing one less of another or a firm minimises its average total cost of product it has reached?
Productive Efficiency
What occurs when available economic resources are used to produce the best combination of goods and services to match people's tastes and preferences?
Allocative Efficiency
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