Knowledge and Understanding
This skill requires you to show that you recognise concepts, theories and terms and can put them down in your own words.
You will be asked to demonstrate:
understanding economic theories and concepts
recognition and understanding of economic terms
Questions in exams testing these skills typically begin with command words such as:
| Define | give the exact meaning to a concept or term | Define opportunity cost |
| Describe | give an account of something | Describe the costs of unemployment |
| How | present an description of something | How does a free market set prices? |
| Identify | pick out specific points | Identify the costs of unemployment |
| List | set out in brief form | List two causes of unemployment |
| State | give some points | State two factors which cause inflation |