Factors of production

Land, Capital, Labour, Enterprise

What is a normative statement?

The government should play a larger role in a mixed market.

25. Which of the following is a positive statement?

Smoking causes disease and premature death, The tax on tobacco has done little to reduce smoking

What does the term 'capital intensive' mean?

A lot of machinery (production line) used

What does the term CAPITAL mean?

resources that are made and used to make other goods and services

Which is a normative statement?

The government should increase taxes to fund the NHS

studbud

Duplicate of AS Economics - Basics

15 termsStudBud Administration18 plays

AS Economics AQA Component 1

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
What is the UK Interest Rate?
3%
2%
6.25%
5.25%
2
what is a positive statement?
Based upon opinion
A statement that can be tested
A statement which encourages economic growth
a statement which discourages economic growth
3
Factors of production
Land, Money, Labour, Enterprise
Land, Product, Utility, Enterprise
Land, Capital, Labour, Enterprise
Land, Labour, Utility, Enterprise
4
Positive statement...
B
D
C
A
5
What is a normative statement?
A mixed economy includes both a private and public sector
The price mechanism plays a key role in a market economy
Public goods are likely to be provided in a planned economy
The government should play a larger role in a mixed market.
6
25. Which of the following is a positive statement?
Tobacco should be heavily taxed
Smoking causes disease and premature death
The tax on tobacco has done little to reduce smoking
Smoking should be banned
7
Because scarcity exists, that means we have to make difficult choices. The choice given up is..
unfortunate
opportunity lost
trade-off
opportunity costs
8
Economic agents influence economic activities
True
False
9
Economic activity...
B
C
D
A
10
Fundamental economic problem...
B
C
D
A
11
What does the term 'labour intensive' mean?
Workers trained to do one specific task
Lots of workers needed
Making what people want
A lot of machinery (production line) used
12
What does the term 'capital intensive' mean?
A lot of machinery (production line) used
Lots of workers needed
Making what people want
Workers trained to do one specific task
13
What does the term CAPITAL mean?
resources that are made and used to make other goods and services
money that is spent by companies to produce goods
the center of a state in terms of trade
a place where the company is located
14
Which is a normative statement?
Over 40% of the NHS' budget is spent on research
The government should increase taxes to fund the NHS
The NHS' funding went up by 3% last year
The government will increase taxes by 5% next year.
15
Factors of production...
A
B
C
D

Duplicate of AS Economics - Basics Flashcards | StudBud