IGCSE Economics Paper 2 Jun 2019

The total value of all final goods and services produced within a country over a year

• GDP

• GST

• GNI

• GDR

The reward for the services provided by a factor of production, including labour.

• Income tax

• Income

• Increase in demand

• Increase in supply

A tax levied on a person's earnings from employment.

• Income

• Employment tax

• Income tax

• Company tax

The number of years a person in a country is expected to live.

• Life expectancy

• Living standards

• Living wage

• Life years

The next best alternative foregone when making an economic decision.

• Opportunity

• Opportunity cost

• Alternative cost

• Alternative foregone

The sole producer or seller of a good or service.

• Monopoly supply

• Monopoly power

• Monopoly

• Multinational company

A single firm dominates the market and has the power to determine the market price.

• Monopoly

• Mobility factors

• Monetary policy

• Monopoly power

The economic wellbeing and quality of life of members of a population.

• Living standards

• Living wage

• Life expectancy

• Labour productivity

The state of being without paid work but willing and able to work if a job becomes available.

• Unemployment

• Unemployment rate

• Unemployment benefit

• Underemployment

The percentage of a country's labour force that is without paid employment but actively seeking work.

• Unemployment

• Unemployment rate

• Underemployment

• Underpopulation