England · OCRQ&A
EconomicsQ&A by dot point
A short Q&A bank for every England Economics syllabus dot point. Each question and answer is drawn directly from our worked dot-point page, so you can scan key concepts before opening the long-form answer.
2.1-2.5 Economic objectives and performance
- The difference between income and wealth, the meaning of a fair distribution, the causes of inequality and poverty, and how government can redistribute.2Q&A pairs
- The meaning of economic growth, how it is measured using GDP and GDP per capita, the determinants of growth, and the economic cycle.2Q&A pairs
- The government's main economic objectives (growth, low unemployment, price stability and a fair distribution of income), and why they can conflict.2Q&A pairs
- The meaning and measurement of inflation using a price index, the causes of inflation (demand-pull and cost-push), and its effects on the economy.2Q&A pairs
- How living standards are measured beyond GDP, the link between economic growth and living standards, and economic, social and environmental sustainability.2Q&A pairs
- The meaning and measurement of unemployment, the main types and causes of unemployment, and the consequences of unemployment for individuals, firms and the government.2Q&A pairs
2.6-2.9 Government policy and market failure
- What fiscal policy is, how changes in government spending and taxation affect growth, employment and prices, and the costs and benefits of using it.2Q&A pairs
- What market failure is, the main causes (externalities, merit and demerit goods, public goods), and how the government can intervene to correct it.2Q&A pairs
- What monetary policy is, how the central bank uses interest rates to affect saving, borrowing, spending and investment, and the effects on growth and inflation.2Q&A pairs
- What supply-side policy is, the main supply-side measures (education, training, infrastructure, incentives), and how they raise productivity and long-run growth.2Q&A pairs
- The types of tax (direct and indirect, progressive and regressive), the main areas of government spending, and the purposes of taxation.2Q&A pairs
1.4-1.7 How markets work
- The meaning of competition and its economic impact on producers and consumers, including effects on price, choice, quality and efficiency.2Q&A pairs
- The law of demand, why the demand curve slopes downwards, movements along versus shifts of demand, and the factors that shift demand.2Q&A pairs
- The meaning of monopoly and oligopoly, how they differ from competitive markets, and their effects on prices, choice and efficiency.2Q&A pairs
- Market equilibrium, how price is determined by demand and supply, surpluses and shortages, and how shifts in demand or supply change price and quantity.2Q&A pairs
- Price elasticity of demand and supply, how to calculate and interpret it, the factors affecting it, and the link between elasticity and total revenue.2Q&A pairs
- The law of supply, why the supply curve slopes upwards, movements along versus shifts of supply, and the factors that shift supply.2Q&A pairs
2.10-2.13 International trade and the global economy
- The balance of payments and the current account, the meaning of a trade surplus and deficit, and the causes and consequences of a trade imbalance.2Q&A pairs
- What an exchange rate is, how to convert between currencies, and how a rise or fall in the exchange rate affects exporters, importers and consumers.2Q&A pairs
- What globalisation is and its causes, the role of multinational companies, and the costs and benefits of globalisation for producers, workers and consumers in developed and less developed countries.2Q&A pairs
- Why countries trade, the meaning of imports and exports, the benefits of international trade, and the role of specialisation between countries.2Q&A pairs
- Free trade and free trade agreements (including the European Union and trading blocs), the methods of protection (tariffs, quotas and subsidies), and the arguments for and against protectionism.2Q&A pairs
1.8-1.10 Production, the labour market and money
- Calculating total cost, average cost, total revenue, average revenue, and profit or loss, the importance of these for producers, and economies of scale.2Q&A pairs
- The functions and characteristics of money, and the role of money and financial markets, including banks, in allowing saving, borrowing and investment.2Q&A pairs
- The role of producers (individuals, firms and government), the meaning and importance of production and productivity, and the division of labour and specialisation.2Q&A pairs
- The role and operation of the labour market, how wages are determined by the demand for and supply of labour, and the factors that affect each.2Q&A pairs
1.1-1.3 The economic problem and resource allocation
- The role of the main economic groups (consumers, producers and government) and how they are interdependent in a market economy.2Q&A pairs
- The four factors of production (land, labour, capital and enterprise), how they are combined to produce, and the reward to each.2Q&A pairs
- What a market is, the primary, secondary and tertiary sectors of production, and how markets and the price mechanism allocate scarce resources.2Q&A pairs
- The basic economic problem of scarcity, the difference between needs and wants, opportunity cost, and why choices must be made by consumers, producers and government.2Q&A pairs