Answer:- cQ20. While explaining -what to produce?Free market economy, decided by consumer sovereignty/demand – in a centrally-planned economy, decided by the central planners, based upon their view of what is appropriateHow to produce?Free market economy, decided by cost of production and attempts to minimize unit costs of production/maximizing profit – in a centrally-planned economy, decided by the central planners based upon desired production targetsWhom to produce?Free market economy, decided by income/ability to pay – in a centrally-planned economy, determined by perceived needs in the view of the central planners. au/hsc-economics-short-answer-questionsread more · Without further ado, let’s jump into the 5 steps to see this page the HSC Economics Short Answer Questions Section! Step 1: Study the Marketing Guidelines Step 2: Learn Directive Verbs Step 3: Follow DPEEL Step 4: Edit Your Answer Step 1: Study the marking guidelineshttp://www. However, retirement income is likely to be lower. 4 Market Failure
Public Goods and the Free-Rider Problem
Externalities
Private, External Social Costs/Benefits
Merit Demerit Goods
Negative Production Consumption Externalities
Positive Production Consumption Externalities
Government Responses: Regulation, Taxation, Tradable Permits (Negative Externalities); Subsidies, Legislation, Advertising (Positive Externalities)
Common Access Resources
Threats to Sustainability, Real-World Examples, and Relevance to Negative Externalities
Government Responses: Legislation, Carbon Taxes, Cap and Trade Schemes, and Funding for Clean Technologies
HL Only: Asymmetric Information, Abuse of Monopoly Power Related Government ResponsesHL Only: 1. 2 Elasticity
Price, Income Cross Elasticity of Demand; Price Elasticity of Supply
Applications for Different Types of Elasticity 1.
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You answer could include:if Conservation of natural resources is done:On the other hand use of natural resources:A one-sided answer, which focuses on the conservation or use of resources only, can gain no more than 5 marks. co. Hi. co. Candidates sit for Two Compulsory Papers: 1) Paper 1 – Answer 30 multiple choice questions in 45 minutes (weightage is 30%).
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Download A-Level Economics Model Answers for Edexcel past papers below for A2 and AS. There was no indication whatsoever from the five year plans regarding how much of each and look at more info good and service is to be produced.
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These candidate responses were extracted from Edexcel exam boards examiners reports and were graded by Edexcel examiners. You are expected toExplain that as per the law of demand ,all other things being equal, a rise in price causes a fall in the quantity demanded similarly a fall in price causes a rise in the quantity demanded. g. The advantages are as follows:-. 3 Macroeconomic Objectives
HL Only: Calculate Unemployment, Inflation, Economic Growth from a Set of Data
Unemployment: Measures, Types/Causes, Economic Consequences
Inflation/Deflation: Cost Push Demand Pull Inflation
HL Only: Short-Run Phillips Curve (SRPC), Long-Run Phillips Curve (LRPC)
Economic Growth: Investment, Productivity, Production Possibilities Curve (PPC) Long-Run Aggregate Supply (LRAS)
Equity vs Equality, Equity vs Efficiency
Distribution of Income, Lorenz Curve Gini Coefficient
Absolute/Relative poverty
Taxation Equity; Types of Taxes; Government Redistribution Policies
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