Edexcel A-Level Economics AS 1.3.1 3c Link Between Scarcity and Opportunity Cost Topic Practice

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Pearson Edexcel IAL Economics

Unit 1: Markets in Action

1.3.1 - Introductory concepts

1.3.1.1a - Economics as a social science: inability to conduct scientific economics experiments

1.3.1.1b - development of models in economics based on assumptions

1.3.1.1c - use of the ceteris paribus assumption in building models and drawing conclusions based

1.3.1.2a - distinction between positive statements and value normative judgements on economic

1.3.1.2b - role of value judgements in influencing economic decision making and policy

1.3.1.3a - problem of unlimited wants and finite resources

1.3.1.3b - distinction between renewable and non-renewable resources

1.3.1.3c - link between scarcity and opportunity cost

1.3.1.3d - distinction between free goods and economic goods

1.3.1.4a - use of production possibility frontiers to depict: possibility • the maximum productive

1.3.1.4b - distinction between movements along, and shifts in, production possibility frontiers,

1.3.1.4c - distinction between capital goods and consumer goods

1.3.1.4d - significance of capital goods for productivity and economic growth

1.3.1.5a - advantages and disadvantages of specialisation and the the role of money division of

1.3.1.5b - function of money as a medium of exchange, a measure and store of value, and a method

1.3.1.5c - role of financial markets: • to facilitate saving • to make funds available to

1.3.1.6a - distinction between free market, mixed and command mixed and economies. command

1.3.1.6b - advantages and disadvantages of free market and command economies economies

1.3.1.6c - role of the state in a mixed economy

1.3.2 - Consumer behaviour and demand

1.3.4 - Price determination

1.3.5 - Market failure

1.3.6 - Government intervention in markets

Unit 2: Macroeconomic Performance and Policy

2.3.1 - Measures of economic performance

2.3.2 - Aggregate demand (AD)

2.3.3 - Aggregate supply (AS)

2.3.4 - National income

2.3.5 - Economic growth

2.3.6 - Macroeconomic objectives and policies

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