Economics 1.1 2.0 / 5 based on 1 rating ? EconomicsSocial ScienceA2/A-levelEdexcel Created by: tomstodd23Created on: 14-04-19 19:07 What is specialisation? When a country focuses on producing goods they have an advantage in producing. 1 of 7 What is division of labour? Dividing the production process into different stages, enabling workers to focus on specific tasks. 2 of 7 What is sustainability? To use a resource in a way that does not compromise the needs of future generations. 3 of 7 What is utility? The satisfaction gained from the consumption of a good/service. 4 of 7 Positive statements are... Objective 5 of 7 What does a production possibility frontier illustrate? The trade-offs facing an economy that produces only two goods. 6 of 7 What is the basic economic problem? People's wants are unlimited but resources to satisfy these wants are limited. 7 of 7
OCR economics, global economy economic growth chapter notes 5.0 / 5 based on 1 rating Teacher recommended
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