Economics

Nature of the economic fuss The fundagenial economic problem arises due(p) to scarcity Scarcity is when there ar lean resources to touch everyones wants and needs Finite resources and unlimited wants Factors of return bestow Labor Capital Enterprise Land innate(p) occurring resources employ for ware purpose Examples: Earth on which mill ar reinforced Water in which fish is effect Raw materials used to rear goods Labour Manual and mental effort to produce or deliver goods and run raft who are willing or able to work are known as labour work force. Examples: Clerks Computer technician aim Economics instructor 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 component part 1 REVISION NOTES Enterprise The people who bring the other 3 factors of product ion 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 embody is neer in money value Opportunity apostrophize is the benefits which could hold in been received by taking an alternative action. Circumstances where probability cost is present Opportunity cost and consumers Opportunity cost and workers Opportunity cost and producers Opportunity cost and government Situations Ali hand over buy a ball or a pen. He decides to buy the pen. The opportunit y cost of purchasing the pen is ball. Rahul! toilet 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 engineering. 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 graph that shows...If you want to get a full essay, order it on our website: BestEssayCheap.com

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