economics GCSE yr 10

Question 1

what are the factor returns on CELL

Answer 1

capital - interest
enterprise - profit
land - rent
labour- wages

Question 2

3 sectors of the economy ?

Answer 2

-primary
-secondary
-tertiary

Question 3

what is the role of the 3 sectors of the economy ?

Answer 3

• primary- extracting the goods/ raw materials. e.g. mining, farming , fishing
• secondary - to process the raw materials. e.g. car factory (all factories)
  -tertiary - to sell the finished product or provision of services.
  (eg. car show room)

Question 4

what is division of labour?

Answer 4

division of labour is the break down of a long task into multiple short tasks. most commonly found in the secondary sector.

Question 5

how to improve productivity of land?

Answer 5

use of fertilizer, drainage , irrigation, land reclaim

Question 6

how to improve productivity of labour?

Answer 6

1. division of labour
   2 migration into the country
2. improved human capital

Question 7

what is a PFC curve

Answer 7

a model illustrating the maximum possible combinations of two goods or services that can be produced with a given set of resources and technology

Question 8

Is it possible to produce goods outside the PPC curve

Answer 8

NO

Question 9

Why would a PPF curve shift outwards?

Answer 9

growth of a company. e.g. better efficiency or improved capital

Question 10

Why would a PPF curve shift inwards?

Answer 10

capital is broke/damaged
company shrinks

Question 11

what is demand ?

Answer 11

the quantity of a good or service that consumers are willing and able to purchase at a given price within a specific time perio

Question 12

what is supply?

Answer 12

the amount of a good or service that producers are willing and able to supply at a given price in a specific time period