Statistics for AQA Economics AS #1

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	Answer	% Correct
-	Capital	92%
-	Labour	86%
What are the 4 factors of production?	Land	85%
How many products are displayed on a PPF?	2	64%
What percentage of resources are fully and efficiently employed at any point on a PPF?	100%	63%
-	Enterprise	57%
What does PPF stand for?	Production Possibility Frontier	56%
What is the term used to describe when all willing and able to work are employed?	Full employment	48%
What is foregone as opportunity cost?	Next best alternative	45%
Economics is the allocation of what?	Scarce Resources	44%
The fundamental aim of economics is to maximise what?	Human welfare	26%
Why does scarcity occur?	Limited resources	20%
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	14%
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	9%
And what?	Human happiness	5%