Definitions:
Economics: The study of how to allocate scarce resources in the most efficient way.
Household: Group of people whose spending decisions are connected.
Economic problem: How to allocate scarce resources among alternative uses.
Model: A simplified view of reality that is used by economists as a means of explaining economic relationships.
Factor of production: The resource inputs that are available in an economy for the production of goods and services. Land, Capital, Labor and entrepreneurship.
Factor endowment: The stock of factors of production.
Production: The output of goods and services.
Goods : tangible products such as cars, food and washing machines.
Services: Intangible products, such as banking, beauty therapy and insurance.
Land: natural resources in an economy
Capital: man-made aids to production.
Entrepreneurship: Management.
Labour: The quantity and quality of human resources.
Opportunity cost : The cost of the next best alternative which is foregone when a choice is made.
Want: anything you would like, irrespective of whether you have the recourses to buy it.
Scarcity: A situation where there are insufficient resources to meet all wants.
Specialisation: The concentration by a worker or workers, firm region or whole economy on a narrow range of goods and services.
Exchange: The process by which goods and services are traded.
Subsidy: A payment by a governing body to encourage the production or consumption of a product.
Developed economy: an economy with a high level of income per head
Developing economy: an economy with a relatively low level of income per head.
Economic system: the way in which production is organised in a country or group of countries.
Economic growth: causes increase of productive capacity due to an increase of capital.
Economics: The study of how to allocate scarce resources in the most efficient way.
Household: Group of people whose spending decisions are connected.
Economic problem: How to allocate scarce resources among alternative uses.
Model: A simplified view of reality that is used by economists as a means of explaining economic relationships.
Factor of production: The resource inputs that are available in an economy for the production of goods and services. Land, Capital, Labor and entrepreneurship.
Factor endowment: The stock of factors of production.
Production: The output of goods and services.
Goods : tangible products such as cars, food and washing machines.
Services: Intangible products, such as banking, beauty therapy and insurance.
Land: natural resources in an economy
Capital: man-made aids to production.
Entrepreneurship: Management.
Labour: The quantity and quality of human resources.
Opportunity cost : The cost of the next best alternative which is foregone when a choice is made.
Want: anything you would like, irrespective of whether you have the recourses to buy it.
Scarcity: A situation where there are insufficient resources to meet all wants.
Specialisation: The concentration by a worker or workers, firm region or whole economy on a narrow range of goods and services.
Exchange: The process by which goods and services are traded.
Subsidy: A payment by a governing body to encourage the production or consumption of a product.
Developed economy: an economy with a high level of income per head
Developing economy: an economy with a relatively low level of income per head.
Economic system: the way in which production is organised in a country or group of countries.
Economic growth: causes increase of productive capacity due to an increase of capital.
Production possibility curve:
The production possibility curve shows how resources are allocated. It shows the maximum quantities of different combinations of output of two products, given current resources and the state of technology.
that is a PPF:
Economic market systems :
Economic market systems :Market economy
Planned economy
Mixed economy
You're lazy
ReplyDeleteYou are not helping yourself...
This is what you should have done
http://lexxxeconomics.blogspot.com/
More diagrams
ReplyDeleteMore data
More work!