Scribd
Upload
12 views

End of Section 1 - Four-part Question

The document presents a four-part question regarding wave power projects in Cornwall, UK, initiated by an Australian firm in 2016. It asks for definitions and explanations related to entrepreneurs, free goods versus economic goods, the impact of increased labor supply on an economy using a Production Possibility Curve (PPC), and a discussion on the future trends of labor quantity in the UK. The questions aim to assess understanding of economic concepts and their implications.

Uploaded by

Maria andrea quattrochi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
12 views

End of Section 1 - Four-part Question

The document presents a four-part question regarding wave power projects in Cornwall, UK, initiated by an Australian firm in 2016. It asks for definitions and explanations related to entrepreneurs, free goods versus economic goods, the impact of increased labor supply on an economy using a Production Possibility Curve (PPC), and a discussion on the future trends of labor quantity in the UK. The questions aim to assess understanding of economic concepts and their implications.

Uploaded by

Maria andrea quattrochi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

Four-part question

In late 2016 an Australian firm announced that it would be starting a project to


use the power of waves off the coast in Cornwall in the UK to generate
electricity. More entrepreneurs are becoming interested in making use of wave
power which is a free good. More labour is likely to be employed in the industry.
The quantity of labour has increased in recent years.

a)​ Define an entrepreneur. (1)


b)​ Explain the difference between a free good and an economic good. (2)
c)​ Analyse, using a PPC, the effect on an economy of an increase in the
supply of labour. (3)
d)​ Discuss whether or not the quantity of labour in the UK is likely to
increase in the future. (4)

You might also like