Aqa A-Level Economics Paper 3 |6 Questions| With Correct Answers.

What are stakeholders? {Ans: Individuals or groups who can affect or are affected by the actions of a firm Eg. shareholders, employees, suppliers}What are the factors of production? {Ans: land, labor, capital, entrepreneurship}What is the multiplier effect? {Ans: a phenomenon whereby a given change in a particular input, such as government spending, causes a larger change in an output, such as gross domestic product.}What is the difference between equality and equity? {Ans: Equality is giving everyone the same amount, whereas equity is giving people a far amount according to their circumstances.}Micro Effects for essay questions {Ans: · Price · Quantity/ Quality · Elasticity · Demand/ Supply · Costs of Production · Consumer/ Producer Surplus · Revenue/ Profit · Government revenue/ cost · Stakeholder impacts · Market failures · Government failure · Competition/ Market Strucures · Efficiency/ Productivity · Wages/ Employment · Equity/ Inequality}Macro Effects for essay questions {Ans: · AD/ AS · Growth/ Living Standards · Unemployment · Inflation/ Deflation · Trade (Current Account) · Income Inequality · Government finances · Multiplier · International Competitiveness · Exchange rate change · Protectionist Measures · Living Standards/ Poverty}