how strict are they on economics definitions?

hatethisfeeling

Just checked the 2002 marking scheme and the definition for LDMU:

As more units of a variable factor are added to other(constant) factors of production the returns to the variable factor will eventually fall.

The one we learned was:
As more and more units of a variable factor are used with a fixed factor, the extra or marginal revenue gained from each additional unit will eventually fall.

I know its basically the same thing but I have heard people say they can be tricky about definitions. I presume once you have the main words in it youll get full marks?

Big Pussy Bonpensiero

From what I've gathered they're not strict at all on definitions. I'm fairly sure yeh could define the ldmu in very basic english and still get the marks as long as it's explained properly.

Mr Cawley

What book are ye using?

K

Bob the Builder

Keywords and understanding.


What is economics?

• Economics is a social science which studies human behaviour in relation to people's aims and the scarce resources available to them tro achieve these aims, knowing that resources have alternative uses. (Understanding Economics, R. Delaney)
• Economics is a social science. It studies how scarce (limited) resources that have alternative uses are distributed to satisfy the infinite needs and wants of humankind. (Rapid Revision; Economics, M Ruane)
• Economics is a science which studies human behaviour and how the scarce resources of the world, which have alternate uses, are distributed in attempting to satisfy the infinite needs and wants of mankind. (Modern Economics, Spencer & McCarthy)
• Economics is a social science. A science is an organised body of knowledge. A social science is one that studies some aspect of human behaviour... Economics can be defined as the study of the production, distribution and consumption of goods and services by society. (LC Economics, D O'Grady)

All different ways of saying the same thing really, but in each case, all demonstrate a key knowledge and understanding.

hatethisfeeling

rapid revision for economics is the book we use for definitions

Bob the Builder

hatethisfeeling wrote: »

rapid revision for economics is the book we use for definitions

I'll see if I can dig up the one I had.... I had a wonderful document that had all the definitions listed one by one

Bob the Builder

Attached file.

I don't know who originally posted this, but I defo got it off this forum and it was a fantastic resource for me. If someone finds the original thread, please link it

AKS

Bob the Builder wrote: »

Attached file.

I don't know who originally posted this, but I defo got it off this forum and it was a fantastic resource for me. If someone finds the original thread, please link it

Great link. Thanks.

Big Pussy Bonpensiero

Bob the Builder wrote: »

Attached file.

I don't know who originally posted this, but I defo got it off this forum and it was a fantastic resource for me. If someone finds the original thread, please link it

From what I've seen it has all the definitions, but there's also definitions on there that aren't needed.