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Sep 18, 2024 · economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. In the 19th century economics was the hobby of gentlemen of leisure and the vocation of a few academics; economists wrote about economic policy but were rarely consulted by legislators before decisions were made.
Example answers. Specimen paper. 6a) Explain why the price of the ‘average top-price ticket has risen by almost £10’ (Extract A, line 2). Use a supply and demand diagram in your answer. (5) The average top price ticket has risen for two reasons. Firstly, there is increased demand since there are “record numbers of people wanting to buy tickets”.
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Jul 17, 2023 · Define economics. Explain the concepts of scarcity and opportunity cost and how they relate to the definition of economics. Understand the three fundamental economic questions: What should be produced? How should goods and services be produced? For whom should goods and services be produced?
Define economics. Explain the concepts of scarcity and opportunity cost and how they relate to the definition of economics. Understand the three fundamental economic questions: What should be produced? How should goods and services be produced? For whom should goods and services be produced?
Jul 29, 2019 · What are the basic questions of economics? Scarcity. What to produce? How to produce? For whom to produce? Other questions - how much should gov't intervene in economy? How to define economic welfare?
example in your answer. When making choices, individuals, firms and governments will face a cost once their choice has been made. This is called the opportunity cost. This cost arises because a sacrifice has to be made when making a choice. In this example, civil society campaigners say that government
Nov 9, 2016 · Examiners require you to have three elements in your answers: Knowledge – this is usually identification of different points OR definitions of key theories. Application – you need to provide examples illustrating your economic theory OR identifying some facts from the information provided.
