bus 206

Murdoch University ( )

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IGCSE Economics Definitions.
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december 2023

2023/2024
IGCSE Economics Definitions ABNORMAL PROFIT The surplus of revenue over costs enjoyed by a monopoly that is in excess of profit the same firm could expect to earn if it faced competition for its market. ABSOLUTE ADVANTAGE The ability of a country or region to produce a good or service at a lower average cost per unit than any other country or region is able to. ABSOLUTE POVERTY An economic condition of lacking both money and basic necessities needed to successfully l...
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Economics IGCSE (Micro and Macro).
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14

december 2023

2023/2024
Economics IGCSE (Micro and Macro) the basic economic problem - Needs and wants are unlimited, but resources are scarce scarcity - when there is not enough of something resources - something that can be used to fulfill a need economic goods - Goods that are scarce and therefore have an opportunity cost. free goods - Goods that are not scarce, and are therefore available without limit. public sector - the part of the economy that involves the transact...
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IGCSE Economics exam latest update A+ graded
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13

december 2023

2023/2024

A+
IGCSE Economics exam latest update A+ graded Definition of opportunity cost - answer The effects of opportunity cost on workers - answer The production possibility curve represents - answer How can a country be on its PPC? - answer A movement along the PPC results in - answer in order for the PPC to shift outwards, there must be - answer The two ways for economic growth are - answer The market system refers to - answer the method of ...
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