IGCSE Economics Questions with Complete Answers.
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Opportunity cost Correct Answer A cost of choosing one thing over the next best alternative. The economic problem Correct Answer The idea that resources are scare and wants are unlimited Economy... Correct Answer Where people produce goods and services. Market Correct Answer Where a group of people willing to exchange goods and services meet. Perfect market Correct Answer Neither Consumer/producer solely influence the price charged for goods and services Imperfect market Correct Answer a powerful consumer or producer can influence prices The four factors of production Correct Answer Land, Capital, Labour, Enterprise Consumer Goods Correct Answer products bought by consumers to satisfy their wants The two types of consumer goods Correct Answer durable consumer good which can last a long time and a non-durable consumer good which does not last long. Capital goods Correct Answer Man made resources produced by labour which can help in the production of other goods and services. Public goods Correct Answer a good is offered by the government since no private firm would be willing to produce it Merit goods Correct Answer a good/service offered by the government since it feels that people need them regardless whether they can pay for them Private wealth Correct Answer goods and services owned by entrepreneurs and people in the private sector Social wealth Correct Answer goods and services owned by the government in the public sector National wealth Correct Answer both private and social wealth. Earned income Correct Answer money earned while working (wage/salary). [Show More]
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