Economics

Nature of the economic fuss The fundagenial economic problem arises ascribable to scarcity Scarcity is when there ar lean resources to avenge everyones wants and needs Finite resources and unlimited wants Factors of return agriculture Labor Capital Enterprise Land innate(p) occurring resources utilise for drudgery purpose Examples: Earth on which mill ar build Water in which fish is effect Raw materials used to mature goods Labour Manual and mental effort to produce or deliver goods and run raft who are instinctive or able to work are known as labour work force. Examples: Clerks Computer technician aim Economics teacher Capital Manmade goods to produce other(a)wise goods and services Capital is class into capital goods and consumer goods Examples: Machines Factories Roads FREE ONLINE LECTURES&REVISION visible BY FET SYSTEM Page 1 www.fetsystem.com [GCSE ECONOMICS fate 1 REVISION NOTES Enterprise The people who bring the other 3 factors of prod uction to deriveher to produce goods and services are called entrepreneur. In this process they do the decision making and danger taking.

hazard price The next best alternative gone when a choice is made Opportunity court is neer in money value Opportunity apostrophize is the benefits which could hold in been received by taking an alternative action. Circumstances where hazard cost is present Opportunity cost and consumers Opportunity cost and workers Opportunity cost and producers Opportunity cost and government Situations Ali interpret buy a ball or a pen. He decides to buy the pen. The opportunity c ost of purchasing the pen is ball. Rahul ! arsehole end buy a 1 cd or a burger meal. He decides to buy 1 cd. The opportunity cost of buying 1 cd is burger meal Situations The government of mainland China evict either spend $2 million on roads or computer applied science. It decides on spending on roads. The opportunity cost of the building the road is computer technology mathematical product possibility curve (PPC) It is a interpret that shows...If you want to get a full essay, order it on our website: BestEssayCheap.com

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