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Economics B Edexcel Theme 1 Flashcards | StudBud
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Economics B Edexcel Theme 1
Economics B Edexcel Theme 1
32 terms
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A revision guide for theme 1
Flashcards
32 cards
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Questions
32
Answers
1
Other than price what other factor(s) effect supply
Price
subsidies
Cost of production
The size of an economy
2
What is meant by the term "opportunity cost"
Choosing more of one and less of another
All alternatives are given up
The best alternative which is given up
3
What is meant by the term "tax evasion"
Finding ways to reduce tax liability
A legal tax scheme used by businesses
A tax system used in Portugal
Illegally failing to pay taxes that are due
4
Which of the following examples is closest at explaining "price mechanism"
An economic model that explains the allocation of resources
An economic model which explains interest rates in a country
An economic model which explains inflation
An economic system that explains resource depletion
5
What is meant by the term "efficiency"
Using all resources in the least economic way
Using all resources in the most economic way
6
What is a "social entrepreneur"
An organisation which considers ethical issues
An organisation which considers Corporate Social Rules
A businesswoman who has social objectives
A businessman who has social objectives
7
What is meant by a "positive statement"
The best alternative given up
Any statement which is dependant on judgement or opinion
Any statement which is testable as either factual or false
Any statement which is testable as an opinion or judgement
8
When prices increase the quantity demanded...
Increase inflation
Reduces
Increases
Has a proportionate relationship upon supply
9
What is the fundamental Economic Problem
Incomes never exceed inflation
Resources are scarce
Resources are scared
Resources are plentiful but expensive
10
When demand falls what happens to price
Price decreases
Price increases
Supply remains constant
Prices stay the same
11
Which of the following incorporates all the factors of production
Land, labour, Capital, Energy
Land, Labour, Capital, Enterprise
Land, labour, Capital, Exercise
Land, Labour, Enterprise, Contract
12
What is meant by the term "specialisation"
A factor of production
The equipment needed to manufacture a product
The trade of products between economies
The concentration of skills/expertise in a particular job
13
Which of the following term best describes "ethical motives"
An attitude based on the concept "what is right"
An attitude based on the concept "what is wrong" is right
An attitude based on the concept "profit is king"
An attitude based on the concept "profit is evil"
14
Is
satisficing
an economics term
NO
YES
15
Which factor of production is mostly used in this image
Labour
Efficiency
Enterprise
Capital
16
How do governments intervene
Governments intervene through legislation and regulations
Governments intervene by limiting the public sector
Governments intervene by allowing market forces to work
Governments intervene by encouraging private costs
17
Which of the following is an example of "internal finance"
Leasing
Overdraft
Retained profit
Venture capital
18
What is meant by the term "adding value"
The difference between cost of inputs and eventual value
The difference between sales and revenue
The process by which products become obsolete
The difference between profit and sales
19
If a business cannot find the right qualified person to fill a vacancy, this is called....
A skill surplus
A skill shortage
20
What term best describes a contract where employees work only when they are needed
Zero-hours non contract
Zero-hours contract
Zero-hours + one contract
Zero-hours - one contract
21
Which of the following is an advantage to the employer as regards zero hours contracts
Workers can fit around work with their social life
Businesses have flexibility in utilising workers
Workers are less committed to the business
Businesses incur extra costs
22
What is meant by the term "creative destruction"
The process by which old products become obsolete.
A market which is continually changing
A market which is stable
Ideas that generate new or improved production techniques
23
What is meant by the term "income tax"
A tax levied on wealth
A tax levied on incomes
A tax levied on the purchase of goods and services
A tax levied on inheritance
24
Demand has what type of relationship to price
A contractual relationship
An inverse relationship
A convex relationship
25
What is meant by the term "exchange rates"
The proportion of a currency paid in commission
The value of one currency against another
The transfer of currencies between two economies
The intangible value of one currency against another
26
What is meant by the term profit
reaching a good enough profit level
A surplus of sales over costs
A deficit of sales over costs
Maximising revenue over a given period of time
27
Explain the term "competitive advantage"
A range of products that are homogenous
Factor which enables a product to match rival products
A factor which enables a product to stand out
An increase in price over time
28
Which of the following is a business objective
Being unethical
Being cost effective
Decreasing market share
Treating workers poorly
29
What is meant by the term "external cost"
A cost faced by a third party
A benefit faced by a third party
Costs incurred by a business
Someone other than the buyer or seller
30
What is meant by the term "unemployment"
The state of being employed.
The state of being unemployed.
The state of being re-employed.
The state of being underemployed.
31
What is primary market research
information collected "first hand"
Information collected from secondary sources
Information collected only from the internet
The process of gathering data
32
Explain the term RISK
The possibility of events turning out as expected
The possibility that events will not happen
The possibility that events will not turn out as expected
The possibility of events happening in the past
