ok good morning lady and gentleman, today we gonna look up the AS economic test 1:

1/define the economic problem? (4 marks)

2/ Explain 'capital' as a factor of production? (5 marks)

3/ define 'factor endowment'? (5 marks)

4/ using a diagram explain 'opportunity cost'? (7 marks)

5/explain how 'specialisation lies at the heart of the modern global economy'? (5 marks)

6/ list four risks of specialisation? (4 marks)

7/ define 'developing economy'? (3 marks)

8/ define 'economic system'? (3marks)

9/ using a diagram showing supply and demand, explain what happens to the market for steel if
demand for cars falls? (7 marks)

10/what is the difference between derived demand and composite demand? (4 marks)

11/ using the diagram to show how demand for beef rises, this affects the market for leather? (6 marks)

12/ what is joint supply? (3 marks)

13/ who is the Prime Minster of UK? (2 marks)

14/what is Chris's favorite word? (2 marks)
DAILY _ _ _ _

alright the answers will at the comments, if anyone wants to try, you're more welcome to!!!!!!