Specification point 1.1.5 · Theme 1
Nature of economics · Introduction to markets and market failure
Questions tagged to this specification point
10 questions
Long-form evaluation and discussion
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Questions built around exam extracts
Case study · The market for fish
Discuss the likely impacts on an economy of specialising in the fishing industry. Use a production possibility frontier diagram in your answer.
Diagram needed. Open the original question paper for the diagram
Focused calculations, explanations and diagrams
Define the term ‘specialisation’.
Explain one likely advantage of specialising in the production of goods to trade.
Explain how Bitcoin fulfils one function of money, apart from as a medium of exchange.
Explain one advantage to a firm of using division of labour when organising its production process.
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Open a video explanation without leaving the question.
Explain one advantage of the division of labour in car production.
Explain what function money has in improving specialisation in the production of smartphones.
Quick checks of economic understanding
Which one of the following would be most likely to cause a country’s currency to no longer be acceptable as a medium of exchange?
The benefits of specialisation and division of labour are mostly associated with:
Which one of the following is the most likely consequence of an increase in the division of labour in the production of smartphones?