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AS LEVEL ECONOMICS 9708 EXAM 2024/2025 VERIFIED PRACTICE QUESTIONS AND ANSWERS
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AS LEVEL ECONOMICS 9708 EXAM 2024/2025 VERIFIED PRACTICE QUESTIONS AND ANSWERS
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AS LEVEL ECONOMICS 9708 EXAM 2024/2025AS LEVEL ECONOMICS 9708 EXAM 2024/2025
VERIFIED PRACTICE QUESTIONS AND
ANSWERS
Choice
The need to make decision about the possible alternative uses of scarce resources due to scarcity
Issue of Market Transition
- Inflation
- Industrial unrest
- Fall in output
- Unemployment
- Balance of payments' deficit
- Reduction in welfare services
Production Possibility Curve
a curve measuring the maximum combination of outputs that can be obtained from a given
number of inputs in an economy in a period of time
Factor Mobility
the ease by which factors of production can be moved around
,AS LEVEL ECONOMICS 9708 EXAM 2024/2025
Economic Growth
Is an expansion in the productive capacity in an economy
Money
Anything which is universally acceptable as a means of payment for goods and services
Functions of Money
- Medium of exchange
- Measure of value
- Standard for deferred payment
- Store of value
Characteristic of Money
- Acceptability
- Divisibility
- Portability
- Durability
- Scarcity
- Uniformity
, AS LEVEL ECONOMICS 9708 EXAM 2024/2025
Liquidity
Refers to the extent and ease of converting a non-cash asset into cash
Near Money
non-cash assets that can be quickly turned into cash
Rivalry and Excludability
Rivalry: refers to extent to which consumption limits availability
Excludability: refers to extent to which free-riders can be prohibited from consumption
Free-rider Problem
The problem of someone who consume a product without an incentive to pay for it
Merit / Demerit Goods
Is a product which has positive/negative externalities, but would be under/over consumed and
produced in a market economy as a result of information failure
Information Failure (Imperfect Information)
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