Lesson Objectives Definition of Demand Price and Demand Individual and Market Demand Conditions of Demand Definition of Demand The willingness and ability to buy a product is called demand Remember, demand is seen from the consumer’s perspective, NOT the producer’s …
Lesson Objectives The Market System Key Resource Allocation Decisions Introduction to The Price Mechanism The Market System What is the market system A market system is where the the forces of demand and supply determine the price of the product …
Lesson Objectives Microeconomics Macroeconomics Microeconomics It deals with the individual basic level of the economy Thus, it is small scale Usually, a particular sector of the economy is considered The focus is on individual economic institutions For example banks or …
Lesson Objectives Definition of PPC Points Under, On and Beyond a PPC Movements Along A PPC Shifts On A PPC Definition of PPC A production possibility curve shows the graphical representation of opportunity cost between the production of two categories …
Opportunity Cost Opportunity cost means the cost of a decision in terms of the next best opportunity given up to take this decision It is ONLY the next best decision If I can do 4 things in this order in …
Factors of Production Factors of production are economic resources used in production Land – all natural resources like animals in forest, natural gas etc It includes the physical land and the natural resources that are present in the land The …
Lesson Objectives Finite Resources and Unlimited Wants Economic and Free Goods Finite Resources and Unlimited Wants Needs is anything that is necessary for living. Without it, a normal human can not survive. For example, food, shelter and clothing. However, these …
Variation means how an increase or decrease in one thing affects another thing Direct variation means that one thing increasing will increase the other thing as well For example, the number of houses created is directly proportional and variated with …
Basically, the simple idea here is 1 km = 1000 m So 1 km^2 = 1000*1000 m^2 Which means 1 km^2 = 1000000 m^2 The same goes for cubes as well If 1 m = 100 cm Then what is …
It is a hard chapter when it comes in A level, but here the concept is very simple A sequence is a group of numbers where you can predict the next value due to the pattern in the group Either …