Introduction to Economics
•Download as PPTX, PDF•
0 likes•121 views
This document introduces basic economics concepts including scarcity, opportunity cost, and production possibilities curves (PPC). It defines economics as the study of how limited resources are used to meet unlimited wants. The key assumptions for drawing a PPC are full efficiency and a fixed amount of resources. A PPC shows the various combinations of two goods that can be produced, and is typically drawn as a downward sloping concave curve, reflecting the concept of scarcity where more of one good requires less of the other.
Report
Share
Report
Share
Recommended
Analysis Of Purchasing Cost Savings Potential Using Cobb Douglas Production F...
Analysis of Purchasing Cost Savings Potential using Cobb Douglas Production Function. Abstract for Asian Technical Purchasing Conference
Singapore 2012
Author: Bill Kohnen
Production Possibility Curves
The Production Possibility Curve (PPC) shows the combinations of two goods an economy can produce with its limited resources. It illustrates the core economic problem of scarcity and choice. A PPC demonstrates that an economy must choose between different goods - it can produce more of one good only by reducing production of the other as resources are reallocated between uses. The opportunity cost of choosing one combination over another is the quantity of the forgone good.
Workforce Planning EDA Article
The document discusses workforce development and economic growth. It outlines three key points:
1. Human capital in the form of an educated and skilled workforce is critical for driving economic growth and allowing businesses to access qualified workers.
2. Australia has developed a national workforce strategy to build its knowledge economy by focusing on demand-driven skills development and upskilling workers.
3. Effective regional workforce planning requires analyzing labor market supply and demand data and developing strategies to ensure workers have the necessary skills to match industry needs now and in the future.
Opportunity cost using production possibility curve
This document discusses opportunity cost using a production possibility curve (PPC). It defines a PPC as a graphical representation of the combinations of two goods or services an economy can produce using all available resources. The production possibility frontier (PPF) shows the maximum output combinations. Opportunity cost is defined as the next best alternative forgone when choosing between limited options. The PPC demonstrates that points on the curve represent efficient resource use, while inside the curve is inefficient and outside is unattainable. The document also discusses increasing, constant, and decreasing opportunity costs based on the PPC shape and how PPCs can be applied at micro and macroeconomic levels.
Opportunity Cost.Teacher
The document discusses the economic concept of opportunity cost. It explains that opportunity cost refers to the next best alternative forgone when making a choice between limited options. It then uses a production possibility frontier model to illustrate opportunity cost, showing the tradeoffs between producing different types of goods given finite resources. The slope of the frontier reflects increasing opportunity costs, and any point on the curve is efficient while points outside are unattainable.
257535356 building-economics-and-sociology
This document provides an overview of economics and key concepts including:
1. Economics is the study of how people and society employ scarce resources to produce and distribute goods and services. Scarcity, choice, and opportunity cost are fundamental concepts.
2. Specialization and exchange are important for economic growth. Specialization allows increased productivity while exchange complements specialization through trade.
3. Economic systems organize production and exchange. Traditional, market, command, and mixed economies are described. Economic growth depends on using resources like land, labor, and capital more efficiently.
4. Barriers to economic growth include insufficient resources, poor infrastructure, and lack of access to export markets. Less developed economies are often in early
Introduction
This document provides an introduction to key economic concepts relevant to managerial decision making. It defines economics as the study of how societies deal with scarce resources to meet unlimited wants. The document outlines the basic differences between microeconomics and macroeconomics, positive and normative analyses, and short and long run timeframes. It also discusses production possibility curves, opportunity costs, marginal analysis, and the time value of money - all important principles for managers to consider when allocating scarce resources to achieve organizational objectives.
Economics in Production Engineering
Production engineering is a combination of manufacturing technology, engineering sciences with management science. ... The goal is to accomplish the production process in the smoothest, most-judicious and most-economic way.
Recommended
Analysis Of Purchasing Cost Savings Potential Using Cobb Douglas Production F...
Analysis of Purchasing Cost Savings Potential using Cobb Douglas Production Function. Abstract for Asian Technical Purchasing Conference
Singapore 2012
Author: Bill Kohnen
Production Possibility Curves
The Production Possibility Curve (PPC) shows the combinations of two goods an economy can produce with its limited resources. It illustrates the core economic problem of scarcity and choice. A PPC demonstrates that an economy must choose between different goods - it can produce more of one good only by reducing production of the other as resources are reallocated between uses. The opportunity cost of choosing one combination over another is the quantity of the forgone good.
Workforce Planning EDA Article
The document discusses workforce development and economic growth. It outlines three key points:
1. Human capital in the form of an educated and skilled workforce is critical for driving economic growth and allowing businesses to access qualified workers.
2. Australia has developed a national workforce strategy to build its knowledge economy by focusing on demand-driven skills development and upskilling workers.
3. Effective regional workforce planning requires analyzing labor market supply and demand data and developing strategies to ensure workers have the necessary skills to match industry needs now and in the future.
Opportunity cost using production possibility curve
This document discusses opportunity cost using a production possibility curve (PPC). It defines a PPC as a graphical representation of the combinations of two goods or services an economy can produce using all available resources. The production possibility frontier (PPF) shows the maximum output combinations. Opportunity cost is defined as the next best alternative forgone when choosing between limited options. The PPC demonstrates that points on the curve represent efficient resource use, while inside the curve is inefficient and outside is unattainable. The document also discusses increasing, constant, and decreasing opportunity costs based on the PPC shape and how PPCs can be applied at micro and macroeconomic levels.
Opportunity Cost.Teacher
The document discusses the economic concept of opportunity cost. It explains that opportunity cost refers to the next best alternative forgone when making a choice between limited options. It then uses a production possibility frontier model to illustrate opportunity cost, showing the tradeoffs between producing different types of goods given finite resources. The slope of the frontier reflects increasing opportunity costs, and any point on the curve is efficient while points outside are unattainable.
257535356 building-economics-and-sociology
This document provides an overview of economics and key concepts including:
1. Economics is the study of how people and society employ scarce resources to produce and distribute goods and services. Scarcity, choice, and opportunity cost are fundamental concepts.
2. Specialization and exchange are important for economic growth. Specialization allows increased productivity while exchange complements specialization through trade.
3. Economic systems organize production and exchange. Traditional, market, command, and mixed economies are described. Economic growth depends on using resources like land, labor, and capital more efficiently.
4. Barriers to economic growth include insufficient resources, poor infrastructure, and lack of access to export markets. Less developed economies are often in early
Introduction
This document provides an introduction to key economic concepts relevant to managerial decision making. It defines economics as the study of how societies deal with scarce resources to meet unlimited wants. The document outlines the basic differences between microeconomics and macroeconomics, positive and normative analyses, and short and long run timeframes. It also discusses production possibility curves, opportunity costs, marginal analysis, and the time value of money - all important principles for managers to consider when allocating scarce resources to achieve organizational objectives.
Economics in Production Engineering
Production engineering is a combination of manufacturing technology, engineering sciences with management science. ... The goal is to accomplish the production process in the smoothest, most-judicious and most-economic way.
Factor Inputs and Factor Rewards
This is a short introductory video for AS microeconomics on the differences between Factor Inputs and Factor Rewards
theory of production
This document discusses the theory of production. It defines key terms like production, production functions, factors of production and their pricing. The factors of production are land, labor, capital and organization. There are different types of production like short run and long run. Production functions show the technical process by which inputs like labor and capital are transformed into output. Concepts like total product, average product and marginal product are also explained. In conclusion, the document states that production theory plays an important role in determining the pricing of products and the success of organizations.
An introduction to industrial management3
This document discusses industrial management. It defines industrial management as integrating resources to design, implement, and improve companies and industries. The document outlines key functions and applications of industrial management, including organization methods, plant layout, materials handling, time studies, production planning and quality control. Industrial management aims to increase productivity and efficiency through improving organizations, methods, and working conditions. It helps achieve goals, utilize resources effectively, and develop sound organizations that motivate employees.
Building economics tutorial 1
This document contains a tutorial on building economics for a group project. It discusses key concepts in building economics like the application of economic techniques to construction projects. It also describes four characteristics that separate the construction industry from others like its temporary and site-based organization. The document outlines four categories of economic resources - labor, capital, land, and enterprise. It lists five important factors of the construction industry's impact on a country's economy. Finally, it provides two examples of how government policies can influence the supply and demand in the construction industry, such as sales tax policies and export promotion industrial policies.
EC4006 Intermediate Macroeconomics Lecture
This document discusses the concepts of effective demand and the IS-LM model. It explains that the output of an economy depends on the components of effective demand, which is the sum of consumption and investment. Consumption depends on income and the propensity to consume, while investment depends on the marginal efficiency of capital. Therefore, the equilibrium level of employment in the economy is determined by the aggregate supply function, the propensity to consume, and the volume of investment. In the current economic situation in Ireland, effective demand is low as real GDP and investment are declining sharply while unemployment and deflation are increasing.
Chap1
The document provides an overview of key economic concepts including:
1) Economics is defined as the study of how people use limited resources to fulfill unlimited wants. It involves choices under scarcity.
2) Microeconomics studies individual units like households and firms. Macroeconomics looks at the whole economy in terms of outputs, prices, and employment.
3) The production possibilities frontier (PPF) curve shows the maximum combinations of two goods an economy can produce with full employment of resources. Points inside the curve are attainable but inefficient, while points outside are unattainable.
Labour and capital intensive
PPT explains about difference labour intensive and capital intensive economy with availability of financial institution in national and state level.
Asssignment
This document outlines two economics assignments. The first asks students to discuss whether perfect competition is a useful benchmark for market structures even though its assumptions are unlikely to be met perfectly. The second asks students to analyze the pros and cons of whether rising services share of India's national income discourages manufacturing investment, and to explain the relationships between agriculture, manufacturing, and services sectors in the economy. Both assignments should be 12 pages single-spaced following the specified format.
PRESENTATION LABOUR ECONOMICS BY DR. JULIUS KWAKU KATTAH
This document discusses key concepts in labour economics including:
1) Labour economics examines the relationship between workers and employers and attempts to understand patterns of wages, employment, and income. It considers labour as a factor of production.
2) The demand for labour is derived from the demand for goods and services. Employers demand labour to produce outputs while workers supply their labour services.
3) The labour supply curve shows the quantity of labour workers are willing to supply at different wage rates. Shifts in the labour supply curve are caused by changes in the economy, globalization, taxes, and attitudes towards work.
PRESENTATION LABOUR ECONOMICS BY DR. JULIUS KWAKU KATTAH
This document discusses labour economics and defines key related concepts. Labour economics examines the relationship between workers and employers, including wages, employment and income. It also looks at labour as a factor of production and the demand and supply of labour. The demand for labour can be direct from firms or derived from consumer demand for goods and services. The supply of labour is affected by economic, social and policy factors. Unemployment rates are an important economic indicator analyzed in labour economics.
Scale of production
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
MD MAHFUZUL HAQUE
TAUFIQUAL ISLAM
MD Ashikur RahmanMOSAYEAB HOSSAIN
ANJUMAN ARA
Capital investment for north america
Agenda:
- Economic Forecast
- Machine Tool Orders
- Robotic Orders
- Class 8 Truck Sales
- Equipment Manufacturing
- Canada Cap spending 2016 vs- 2015
- United States Capital Spending Analysis
FOREIGN DIRECT INVESTMENT AND PRODUCTIVITY SPILLOVERS: Firm Level Evidence fr...
FOREIGN DIRECT INVESTMENT AND PRODUCTIVITY SPILLOVERS: Firm Level Evidence fr...Investigador Principal (IELAT_UAH)
IM2012 International Conference on Innovation Methods for Innovation Management and Policy - FOREIGN DIRECT INVESTMENT AND PRODUCTIVITY SPILLOVERS: Firm Level Evidence from Chilean industrial sector. Leopoldo Laborda and Daniel Sotelsek.Building Economics Tutorial
Building economics is the application of economic principles to construction projects. It involves studying client requirements, project costs, and ensuring efficient use of resources. Construction resources include materials, equipment, labor, finance, and subcontractors. The construction industry differs from others in its project-based nature, temporary multi-organization structure, unique pricing methods depending on location, and inability to reuse completed projects elsewhere. The four factors of production are land, labor, capital, and enterprise. The construction industry is important to the economy through its scale, employment opportunities, investments, role for government, and ability to attract international investors through improved infrastructure. Government policies like RUMAWIP and mortgage interest tax relief influence housing supply and demand.
Class XII Economics Study Material
This document provides a syllabus and study material for the Economics class of Class XII in 2014-15. It outlines the course content, which is divided into two parts - Introductory Microeconomics and Introductory Macroeconomics. The Microeconomics section covers topics such as consumer behavior, producer behavior, market structures, and the introduction lesson. The introduction lesson defines key economic concepts such as scarcity, choice, opportunity cost and presents the production possibility curve. It also describes the three basic economic problems of what to produce, how to produce and for whom to produce. The document provides sample questions for students and a test paper with questions from the introduction lesson.
Introduction of microeconomic
This document provides an introduction to microeconomics, including:
1) Microeconomics is the study of how individuals and small economic units make choices with limited resources. It examines choices by consumers, businesses, and individuals.
2) Basic microeconomic concepts include scarcity, choice and opportunity cost. Scarcity means wants exceed resources, requiring choices between alternatives. Opportunity cost is the next best alternative forgone in making a choice.
3) Factors of production are resources used in the production of goods and services, including labor, capital, land and entrepreneurship. The production possibilities curve illustrates scarcity, choice and opportunity cost through different combinations of two goods an economy can produce.
Chap1
The document provides an overview of key economic concepts including:
1) Economics is defined as the study of how people use limited resources to fulfill unlimited wants. It involves choices under scarcity.
2) Microeconomics studies individual units like households and firms. Macroeconomics looks at the whole economy in terms of outputs, prices, and employment.
3) The production possibilities frontier (PPF) curve shows the maximum combinations of two goods an economy can produce with full employment of resources. Points inside the curve are attainable but inefficient, while points outside are unattainable.
EAB UNIT-I.pptx
It provides an introduction to economic analysis of business. this was a syllabus followed by Anna University center for distance education.
Economics : Unit 1 scarcity & choice
Dr. Ahmed El-Feqi has extensive academic qualifications, including a Ph.D in Economics from the University of East Anglia. He has received fellowships from both the Ford Foundation and International Fellowship Programme in the United States. El-Feqi is currently a teaching assistant at Delta University. The document goes on to define key economic concepts like scarcity, resources, wants and needs, goods and services. It explains how economies must make choices due to limited resources, and uses models like the production possibilities frontier to illustrate opportunity costs and trade-offs.
Chap001 4 (2010)
This chapter introduces some key economic concepts, including:
- Economics involves making choices about what, how, and for whom to produce due to scarce resources.
- Market mechanisms and government intervention both play a role in determining production and allocation in different economies.
- Economists study how economies function at both the macro and micro levels using theoretical models.
Unit 1 review_session
The document provides an overview of basic economic concepts. It discusses:
- Economics is the study of how individuals and societies deal with scarcity. Scarcity means that resources are limited and our wants are unlimited, so we must make choices about how to use resources.
- Microeconomics studies small economic units like individuals and firms, while macroeconomics looks at the overall economy. Positive economics makes factual statements, while normative economics includes value judgments.
- The production possibilities curve (PPC) model shows the tradeoffs between producing different goods given limited resources. Points on the PPC are productively efficient, while the optimal point depends on societal wants.
- Comparative advantage explains why countries
Chap001
This document provides an overview of key concepts in introductory economics including:
1) It defines economics as the social science concerned with making optimal choices under conditions of scarcity. Microeconomics focuses on individual units while macroeconomics looks at aggregate levels.
2) Resources are scarce so choices must be made, involving opportunity costs. The production possibilities model illustrates tradeoffs between two goods using a curve.
3) Economic growth shifts the production possibilities curve outward, allowing more attainable combinations of goods. Technological advances and more resources contribute to economic growth over time.
More Related Content
What's hot
Factor Inputs and Factor Rewards
This is a short introductory video for AS microeconomics on the differences between Factor Inputs and Factor Rewards
theory of production
This document discusses the theory of production. It defines key terms like production, production functions, factors of production and their pricing. The factors of production are land, labor, capital and organization. There are different types of production like short run and long run. Production functions show the technical process by which inputs like labor and capital are transformed into output. Concepts like total product, average product and marginal product are also explained. In conclusion, the document states that production theory plays an important role in determining the pricing of products and the success of organizations.
An introduction to industrial management3
This document discusses industrial management. It defines industrial management as integrating resources to design, implement, and improve companies and industries. The document outlines key functions and applications of industrial management, including organization methods, plant layout, materials handling, time studies, production planning and quality control. Industrial management aims to increase productivity and efficiency through improving organizations, methods, and working conditions. It helps achieve goals, utilize resources effectively, and develop sound organizations that motivate employees.
Building economics tutorial 1
This document contains a tutorial on building economics for a group project. It discusses key concepts in building economics like the application of economic techniques to construction projects. It also describes four characteristics that separate the construction industry from others like its temporary and site-based organization. The document outlines four categories of economic resources - labor, capital, land, and enterprise. It lists five important factors of the construction industry's impact on a country's economy. Finally, it provides two examples of how government policies can influence the supply and demand in the construction industry, such as sales tax policies and export promotion industrial policies.
EC4006 Intermediate Macroeconomics Lecture
This document discusses the concepts of effective demand and the IS-LM model. It explains that the output of an economy depends on the components of effective demand, which is the sum of consumption and investment. Consumption depends on income and the propensity to consume, while investment depends on the marginal efficiency of capital. Therefore, the equilibrium level of employment in the economy is determined by the aggregate supply function, the propensity to consume, and the volume of investment. In the current economic situation in Ireland, effective demand is low as real GDP and investment are declining sharply while unemployment and deflation are increasing.
Chap1
The document provides an overview of key economic concepts including:
1) Economics is defined as the study of how people use limited resources to fulfill unlimited wants. It involves choices under scarcity.
2) Microeconomics studies individual units like households and firms. Macroeconomics looks at the whole economy in terms of outputs, prices, and employment.
3) The production possibilities frontier (PPF) curve shows the maximum combinations of two goods an economy can produce with full employment of resources. Points inside the curve are attainable but inefficient, while points outside are unattainable.
Labour and capital intensive
PPT explains about difference labour intensive and capital intensive economy with availability of financial institution in national and state level.
Asssignment
This document outlines two economics assignments. The first asks students to discuss whether perfect competition is a useful benchmark for market structures even though its assumptions are unlikely to be met perfectly. The second asks students to analyze the pros and cons of whether rising services share of India's national income discourages manufacturing investment, and to explain the relationships between agriculture, manufacturing, and services sectors in the economy. Both assignments should be 12 pages single-spaced following the specified format.
PRESENTATION LABOUR ECONOMICS BY DR. JULIUS KWAKU KATTAH
This document discusses key concepts in labour economics including:
1) Labour economics examines the relationship between workers and employers and attempts to understand patterns of wages, employment, and income. It considers labour as a factor of production.
2) The demand for labour is derived from the demand for goods and services. Employers demand labour to produce outputs while workers supply their labour services.
3) The labour supply curve shows the quantity of labour workers are willing to supply at different wage rates. Shifts in the labour supply curve are caused by changes in the economy, globalization, taxes, and attitudes towards work.
PRESENTATION LABOUR ECONOMICS BY DR. JULIUS KWAKU KATTAH
This document discusses labour economics and defines key related concepts. Labour economics examines the relationship between workers and employers, including wages, employment and income. It also looks at labour as a factor of production and the demand and supply of labour. The demand for labour can be direct from firms or derived from consumer demand for goods and services. The supply of labour is affected by economic, social and policy factors. Unemployment rates are an important economic indicator analyzed in labour economics.
Scale of production
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
MD MAHFUZUL HAQUE
TAUFIQUAL ISLAM
MD Ashikur RahmanMOSAYEAB HOSSAIN
ANJUMAN ARA
Capital investment for north america
Agenda:
- Economic Forecast
- Machine Tool Orders
- Robotic Orders
- Class 8 Truck Sales
- Equipment Manufacturing
- Canada Cap spending 2016 vs- 2015
- United States Capital Spending Analysis
FOREIGN DIRECT INVESTMENT AND PRODUCTIVITY SPILLOVERS: Firm Level Evidence fr...
FOREIGN DIRECT INVESTMENT AND PRODUCTIVITY SPILLOVERS: Firm Level Evidence fr...Investigador Principal (IELAT_UAH)
IM2012 International Conference on Innovation Methods for Innovation Management and Policy - FOREIGN DIRECT INVESTMENT AND PRODUCTIVITY SPILLOVERS: Firm Level Evidence from Chilean industrial sector. Leopoldo Laborda and Daniel Sotelsek.Building Economics Tutorial
Building economics is the application of economic principles to construction projects. It involves studying client requirements, project costs, and ensuring efficient use of resources. Construction resources include materials, equipment, labor, finance, and subcontractors. The construction industry differs from others in its project-based nature, temporary multi-organization structure, unique pricing methods depending on location, and inability to reuse completed projects elsewhere. The four factors of production are land, labor, capital, and enterprise. The construction industry is important to the economy through its scale, employment opportunities, investments, role for government, and ability to attract international investors through improved infrastructure. Government policies like RUMAWIP and mortgage interest tax relief influence housing supply and demand.
What's hot (14)
PRESENTATION LABOUR ECONOMICS BY DR. JULIUS KWAKU KATTAH
PRESENTATION LABOUR ECONOMICS BY DR. JULIUS KWAKU KATTAH
PRESENTATION LABOUR ECONOMICS BY DR. JULIUS KWAKU KATTAH
PRESENTATION LABOUR ECONOMICS BY DR. JULIUS KWAKU KATTAH
FOREIGN DIRECT INVESTMENT AND PRODUCTIVITY SPILLOVERS: Firm Level Evidence fr...
FOREIGN DIRECT INVESTMENT AND PRODUCTIVITY SPILLOVERS: Firm Level Evidence fr...
Similar to Introduction to Economics
Class XII Economics Study Material
This document provides a syllabus and study material for the Economics class of Class XII in 2014-15. It outlines the course content, which is divided into two parts - Introductory Microeconomics and Introductory Macroeconomics. The Microeconomics section covers topics such as consumer behavior, producer behavior, market structures, and the introduction lesson. The introduction lesson defines key economic concepts such as scarcity, choice, opportunity cost and presents the production possibility curve. It also describes the three basic economic problems of what to produce, how to produce and for whom to produce. The document provides sample questions for students and a test paper with questions from the introduction lesson.
Introduction of microeconomic
This document provides an introduction to microeconomics, including:
1) Microeconomics is the study of how individuals and small economic units make choices with limited resources. It examines choices by consumers, businesses, and individuals.
2) Basic microeconomic concepts include scarcity, choice and opportunity cost. Scarcity means wants exceed resources, requiring choices between alternatives. Opportunity cost is the next best alternative forgone in making a choice.
3) Factors of production are resources used in the production of goods and services, including labor, capital, land and entrepreneurship. The production possibilities curve illustrates scarcity, choice and opportunity cost through different combinations of two goods an economy can produce.
Chap1
The document provides an overview of key economic concepts including:
1) Economics is defined as the study of how people use limited resources to fulfill unlimited wants. It involves choices under scarcity.
2) Microeconomics studies individual units like households and firms. Macroeconomics looks at the whole economy in terms of outputs, prices, and employment.
3) The production possibilities frontier (PPF) curve shows the maximum combinations of two goods an economy can produce with full employment of resources. Points inside the curve are attainable but inefficient, while points outside are unattainable.
EAB UNIT-I.pptx
It provides an introduction to economic analysis of business. this was a syllabus followed by Anna University center for distance education.
Economics : Unit 1 scarcity & choice
Dr. Ahmed El-Feqi has extensive academic qualifications, including a Ph.D in Economics from the University of East Anglia. He has received fellowships from both the Ford Foundation and International Fellowship Programme in the United States. El-Feqi is currently a teaching assistant at Delta University. The document goes on to define key economic concepts like scarcity, resources, wants and needs, goods and services. It explains how economies must make choices due to limited resources, and uses models like the production possibilities frontier to illustrate opportunity costs and trade-offs.
Chap001 4 (2010)
This chapter introduces some key economic concepts, including:
- Economics involves making choices about what, how, and for whom to produce due to scarce resources.
- Market mechanisms and government intervention both play a role in determining production and allocation in different economies.
- Economists study how economies function at both the macro and micro levels using theoretical models.
Unit 1 review_session
The document provides an overview of basic economic concepts. It discusses:
- Economics is the study of how individuals and societies deal with scarcity. Scarcity means that resources are limited and our wants are unlimited, so we must make choices about how to use resources.
- Microeconomics studies small economic units like individuals and firms, while macroeconomics looks at the overall economy. Positive economics makes factual statements, while normative economics includes value judgments.
- The production possibilities curve (PPC) model shows the tradeoffs between producing different goods given limited resources. Points on the PPC are productively efficient, while the optimal point depends on societal wants.
- Comparative advantage explains why countries
Chap001
This document provides an overview of key concepts in introductory economics including:
1) It defines economics as the social science concerned with making optimal choices under conditions of scarcity. Microeconomics focuses on individual units while macroeconomics looks at aggregate levels.
2) Resources are scarce so choices must be made, involving opportunity costs. The production possibilities model illustrates tradeoffs between two goods using a curve.
3) Economic growth shifts the production possibilities curve outward, allowing more attainable combinations of goods. Technological advances and more resources contribute to economic growth over time.
Ap macro unit_1_summary
The document provides an overview of basic economic concepts. It defines economics as the study of how individuals and societies deal with scarcity. Scarcity means that resources are limited and not enough to satisfy all wants, so choices must be made. Microeconomics studies small economic units like individuals and firms, while macroeconomics looks at the overall economy. Positive statements are factual, while normative statements include value judgments. Economists use theories and models to understand and address economic problems. The concepts of opportunity cost, marginal analysis, and supply and demand are introduced.
CHAPTER 1 _INTRODUCTION TO ECONOMICS BBCE 1013.pptx
This document provides an overview of microeconomics concepts including:
1. Definitions of economics focusing on scarcity and choice. Economics studies how people allocate limited resources among competing alternatives.
2. Basic economic concepts of scarcity, choice, and opportunity cost are introduced. Scarcity means human wants exceed limited resources. Choices must be made due to scarcity. Opportunity cost is the next best alternative forgone in making a choice.
3. A production possibilities curve (PPC) illustrates scarcity, choice, and opportunity cost through the various combinations of goods an economy can produce with limited resources. Movement along the PPC involves opportunity costs while points inside or outside the curve represent inefficiency.
INTRODUCTION - MICRO ECONOMICS
This document provides an introduction to economics. It defines key economic concepts like scarcity, resources, production, consumption, and capital formation. It explains that economics studies how societies allocate their limited resources. Microeconomics focuses on individual units while macroeconomics looks at the overall economy. The central problems that economies face are what and how to produce goods and services, and how to distribute them. Production possibility frontiers are used to show production tradeoffs and opportunity costs between two goods with limited resources. Marginal rates of transformation represent the tradeoff between goods on the production possibilities curve.
Similar to Introduction to Economics (11)
CHAPTER 1 _INTRODUCTION TO ECONOMICS BBCE 1013.pptx
CHAPTER 1 _INTRODUCTION TO ECONOMICS BBCE 1013.pptx
More from SalawatiMuhammad
Eco ppc
This document provides an introduction and overview of microeconomics concepts. It discusses how economics involves using limited resources to meet unlimited wants. Key concepts introduced include scarcity, opportunity cost, and the three basic economic problems of what, how, and for whom to produce. The document also defines and discusses the production possibilities curve (PPC) and its assumptions. Finally, it provides an overview of different economic systems like capitalism, socialism, and mixed economies, comparing their key characteristics, merits, and demerits.
A1 how to draw ppc
This document provides instructions for drawing a production possibilities curve (PPC) graph using data from a table listing the combinations of shoes and rice an economy can produce. It involves:
1) Plotting the combinations from the table on a graph with shoes on the x-axis and rice on the y-axis.
2) Connecting the points to show the curve representing the maximum possible combinations of goods an economy can produce while fully utilizing its resources.
3) Labeling the graph with a title, axis labels, and scale to clearly show the relationship between the two goods and the production trade-offs involved.
Cost of production
This document provides an overview of production theory, including definitions of key concepts. It discusses factors of production, fixed and variable inputs, different cost concepts in the short run including total, average, and marginal costs. It also covers economies and diseconomies of scale, and revenue concepts like total, average, and marginal revenue. The document was prepared by Salawati Alwani Muhammad as part of a study of production theory between pages 110 to 130.
Aed1193 topic3
The document discusses key concepts in macroeconomics including:
1) The aggregate demand-aggregate supply approach and the leakage-injection approach to modeling national income.
2) The definitions of average and marginal propensity to consume and save, and how they relate to consumption and savings functions.
3) Circular flow diagrams for 2-sector, 3-sector, and 4-sector economies and how national income is determined in each case using the aggregate demand-aggregate supply and leakage-injection approaches.
4) Worked examples applying the leakage-injection approach to determine national income for economies with different levels of autonomous consumption, investment, government spending, taxes, exports and imports.
Aed1193 topic1
The document contains identifying information for Salawati Alwani Muhammad including their student ID number AEB1193 and year 2019. It is divided into sections 1.0 through 1.3 with each section containing Salawati's full name and ID information repeated multiple times.
Ethics chp 2
This document provides an overview of several major ethical theories - egoism, utilitarianism, deontology - as well as ethics from religious perspectives of Islam, Buddhism, Christianity and Hinduism.
It defines egoism as the view that an action is morally right if it pursues one's own desires or interests. Utilitarianism is consequentialist and holds that an action is right if it produces the greatest good for the greatest number. Deontology argues that acts are inherently right or wrong regardless of consequences, based on duties and rules.
The document also outlines the key principles and concepts in Islamic, Buddhist, Christian and Hindu ethics, such as the Five Pillars of Islam, Four Noble Truths
ABD3153 Topic 1
This document provides definitions and explanations of key concepts related to ethics and morality. It begins by defining legality, ethics, and ethical behavior. It then defines business ethics and different approaches to normative and descriptive business ethics. It discusses the importance of business ethics and how it can help improve decision making. Finally, it covers concepts like morality, values, personal and social responsibilities, personality, and goal orientation. The key takeaways are that ethics considers what is right and wrong, business ethics examines ethical issues in business contexts, and understanding ethics can help improve ethical decision making.
More from SalawatiMuhammad (7)
Recently uploaded
Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...Labour Market Information Council | Conseil de l’information sur le marché du travail
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.Economic Risk Factor Update: June 2024 [SlideShare]
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Detailed power point presentation on compound interest and how it is calculated
Detailed information about compund interest
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...University of Calabria
The study analyzes differences and primary drivers of green performance between family firms and non-family firms
Seminar: Gender Board Diversity through Ownership Networks
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
学校原件一模一样【微信：741003700 】《(GU毕业证书)美国贡萨加大学毕业证学历证书》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
【主营项目】
一.毕业证【q微741003700】成绩单、使馆认证、教育部认证、雅思托福成绩单、学生卡等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
◇不清楚认证流程以及材料该如何准备；
◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
一比一原版美国新罕布什尔大学(unh)毕业证学历认证真实可查
永久可查学历认证【微信：A575476】【美国新罕布什尔大学(unh)毕业证成绩单Offer】【微信：A575476】（留信学历认证永久存档查询）采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信：A575476】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信：A575476】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
→ 【关于价格问题（保证一手价格）
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
选择实体注册公司办理，更放心，更安全！我们的承诺：可来公司面谈，可签订合同，会陪同客户一起到教育部认证窗口递交认证材料，客户在教育部官方认证查询网站查询到认证通过结果后付款，不成功不收费！
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
How will new technology fields affect economic trade?
2. Elemental Economics - Mineral demand.pdf
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
How Does CRISIL Evaluate Lenders in India for Credit Ratings
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
falcon-invoice-discounting-a-strategic-approach-to-optimize-investments
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
SWAIAP Fraud Risk Mitigation Prof Oyedokun.pptx
SWAIAP Fraud Risk Mitigation Prof Oyedokun.pptxGodwin Emmanuel Oyedokun MBA MSc PhD FCA FCTI FCNA CFE FFAR
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.5 Tips for Creating Standard Financial Reports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
Wayhome's analysis of the UK market and how pension schemes can help solve the problems it presents younger people
一比一原版(UCSB毕业证)圣芭芭拉分校毕业证如何办理
UCSB毕业证文凭证书【微信95270640】办理圣芭芭拉分校毕业证成绩单（Q微信95270640）毕业证学历认证OFFER专卖国外文凭学历学位证书办理澳洲文凭|澳洲毕业证,澳洲学历认证,澳洲成绩单 澳洲offer,教育部学历认证及使馆认证永久可查 ,国外毕业证|国外学历认证,国外学历文凭证书 UCSB毕业证，UCSB毕业证，UCSB毕业证，UCSB毕业证，UCSB毕业证，UCSB毕业证，UCSB毕业证，专业为留学生办理毕业证、成绩单、使馆留学回国人员证明、教育部学历学位认证、录取通知书、Offer、
【实体公司】办圣芭芭拉分校圣芭芭拉分校毕业证成绩单学历认证学位证文凭认证办留信网认证办留服认证办教育部认证（网上可查实体公司专业可靠）
— — — 留学归国服务中心 — — -
【主营项目】
一.圣芭芭拉分校毕业证成绩单使馆认证教育部认证成绩单等！
二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
国外毕业证学位证成绩单办理流程：
1客户提供圣芭芭拉分校圣芭芭拉分校毕业证成绩单办理信息：姓名生日专业学位毕业时间等（如信息不确定可以咨询顾问：我们有专业老师帮你查询）；
2开始安排制作毕业证成绩单电子图；
3毕业证成绩单电子版做好以后发送给您确认；
4毕业证成绩单电子版您确认信息无误之后安排制作成品；
5成品做好拍照或者视频给您确认；
6快递给客户（国内顺丰国外DHLUPS等快读邮寄）。
专业服务请勿犹豫联系我！本公司是留学创业和海归创业者们的桥梁。一次办理终生受用一步到位高效服务。详情请在线咨询办理,欢迎有诚意办理的客户咨询!洽谈。
招聘代理：本公司诚聘英国加拿大澳洲新西兰美国法国德国新加坡各地代理人员如果你有业余时间有兴趣就请联系我们咨询顾问：+微信:95270640田里逡巡一番抱起一只硕大的西瓜用石刀劈开抑或用拳头砸开每人抱起一大块就啃啃得满嘴满脸猴屁股般的红艳大家一个劲地指着对方吃吃地笑瓜裂得古怪奇形怪状却丝毫不影响瓜味甜丝丝的满嘴生津遍地都是瓜横七竖八的活像掷满了一地的大石块摘走二三只爷爷是断然发现不了的即便发现爷爷也不恼反而教山娃辨认孰熟孰嫩孰甜孰淡名义上是护瓜往往在瓜棚里坐上一刻饱吃一顿后山娃就领着阿黑漫山遍野地跑阿黑是一条黑色的大猎狗挺机灵的是山室
Recently uploaded (20)
Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...
Economic Risk Factor Update: June 2024 [SlideShare]
Economic Risk Factor Update: June 2024 [SlideShare]
Detailed power point presentation on compound interest and how it is calculated
Detailed power point presentation on compound interest and how it is calculated
Tumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdf
Tumelo-deep-dive-into-pass-through-voting-Feb23 (1).pdf
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...
Seminar: Gender Board Diversity through Ownership Networks
Seminar: Gender Board Diversity through Ownership Networks
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
How Does CRISIL Evaluate Lenders in India for Credit Ratings
How Does CRISIL Evaluate Lenders in India for Credit Ratings
falcon-invoice-discounting-a-strategic-approach-to-optimize-investments
falcon-invoice-discounting-a-strategic-approach-to-optimize-investments
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
Introduction to Economics
- 1. Chapter 1 Introduction to Economics
- 2. Economics A study of how people use their limited resources to fulfil unlimited wants
- 3. Basic Economics Concept Scarcity Choices Opportunity Cost Reason: wants are always exceeding limited resources Land, Labour, Capital, Entrepreneur Everyone cannot have what he/she wants, so they have to choose from the available alternatives The second best alternative that has to be forgone for another choice which gives more satisfaction
- 4. Basic Economic Problems 1. What to produce 2. How to produce 3. For whom to produce
- 5. Production Possibilities Curve (PPC) Definition: Various possible combinations of goods and services produced within a specified time with given technology and resources.
- 6. Assumptions to study PPC Full employment and full production capacity (full efficiency) The amount of resources available is fixed The state of technology does not change throughout production. Economic only produce 2 goods How to draw a PPC ?
- 7. How to Draw a PPC Plot all combinations views in the following table. Combination Shoes (unit) Rice (unit) A 0 45 B 3 42 C 6 36 D 9 27 E 12 15 F 15 0
- 8. • X • Y • Z • W Unattainable Scarcity – limited resources Attainable - Unemployment - Waste of resources Attainable - Efficiency Good A Good B
- 9. Factors that influence the shift of the PPC 1. Economic growth 2. Technological advances 3. Population
- 10. Shape of PPC Concave Linear Convex OC is constant / fix OC is increasing OC is decreasing