The Nature of Economics: The Fundamentals (Edexcel A-Level Economics A): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is an economic model?
What is an economic model?
A simplified representation of reality
What does the Latin phrase 'ceteris paribus' mean in economics?
What does the Latin phrase 'ceteris paribus' mean in economics?
Other things being equal
Which statement is normative rather than positive?
Which statement is normative rather than positive?
The govt ought not raise cigarette tax
What is the fundamental economic problem that all societies face?
What is the fundamental economic problem that all societies face?
Scarcity
What is opportunity cost?
What is opportunity cost?
The value of the next-best alternative
Who are the three key economic agents in economic analysis?
Who are the three key economic agents in economic analysis?
Consumers, producers, and government
What are the four factors of production?
What are the four factors of production?
Labour, capital, enterprise, and land
What reward does the factor of production 'enterprise' receive?
What reward does the factor of production 'enterprise' receive?
Profit
Which of these is a renewable resource?
Which of these is a renewable resource?
Forests
What does sustainable development aim to achieve?
What does sustainable development aim to achieve?
Meet present needs without harming future