Econ IGCSE Ema

Question 1

What are the 3 economic questions?

Answer 1

• What to produce
• How to produce
• For whom to produce

Question 2

Factor mobility?

Answer 2

Measures the extent to which the factors of production can easily switch between alternative uses with no loss of efficiency

Question 3

Geographical mobility?

Answer 3

Refers to the willingness and ability of a person to relocate from one area to another for employment purposes

Question 4

Factors affecting geographical mobility?

Answer 4

• The availability of work in a given area
• The cost of living
• Family ties
• The cost of moving or selling property

Question 5

Occupational mobility?

Answer 5

Refers to the ease with which a person is able to change between jobs

Question 6

Factors affecting Occupational mobility?

Answer 6

• The availability of alternative employment/unemployment
• Their skill levels
• The availability of training

Question 7

Cause of change in Capital?

Answer 7

New technology

Question 8

Cause of change in Enterprise?

Answer 8

• Grant to businesses
• Reduce business tax
• Education & training

Question 9

Cause of change in Land?

Answer 9

• Changes in technology
• Land reclamation

Question 10

Cause of change in Labour?

Answer 10

• Encourage immigration
• Decrease/increase in population: pay people to have babies

Question 11

Ceteris Paribus?

Answer 11

All other things being equal

Question 12

Asymmetric shift?

Answer 12

One point doesnt change, the other does

Question 13

Parallel shift/symmetrical shift?

Answer 13

Both points move to the same way (increase or decrease)