covers all the essential basic concepts of Economics. Ideal for A Level and IB Economics students.
Topics covered scarcity, opportunity cost, factors of production, normative and positive economics
- Microeconomics is the study of individual units in an economy such as consumers and producers. It examines how scarce resources are allocated among competing ends.
- An economy is a system by which people obtain their living. There are three main types of economies: capitalist/market economies where production is privately owned, socialist/planned economies where production is centrally planned by the government, and mixed economies that have aspects of both.
- In a market economy, private individuals own resources and means of production, while in a planned economy the government owns and controls production. The key economic problem arises from scarcity of resources relative to unlimited wants, forcing choices between alternative uses of limited resources.
The document discusses production possibility curves and opportunity cost using examples from the Great Depression and World War 2 mobilization. During the Great Depression, reduced resources meant the US economy was well inside the production possibility curve. Mobilization for WWII increased productive resources through government spending, increased labor participation, and improved productivity, shifting the curve outward to indicate economic growth.
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.
The document introduces basic economic concepts including:
1) Economics is the study of how societies allocate scarce resources to satisfy unlimited wants.
2) Microeconomics examines individual decision-making while macroeconomics looks at whole economies.
3) Ceteris paribus means all other things remain equal while specific variables change.
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.
This chapter introduces key economic concepts. It defines economics as the study of how societies allocate scarce resources to satisfy unlimited wants. It distinguishes between microeconomics, which studies individual economic units, and macroeconomics, which looks at aggregate outcomes. The chapter covers basic economic problems like what, how, and for whom to produce. It introduces opportunity cost and production possibility frontiers to illustrate scarcity and tradeoffs. It also outlines different economic systems - capitalist, socialist, mixed, and Islamic - and how they approach resource allocation and production.
02 production possibilities and opportunity costNepDevWiki
The key concepts from Chapter 2 of the document include:
1) The three fundamental economic questions are what to produce, how to produce, and for whom to produce.
2) Opportunity cost is the best alternative forgone in making a decision and represents the value of the next best choice not selected.
3) A production possibilities curve illustrates the maximum combinations of two goods an economy can produce given scarce resources, and assumes resources and technology are fixed in the short-run.
4) Points inside the curve represent inefficient production, while points on the curve are efficient. The law of increasing opportunity costs and marginal analysis are important concepts relating to the production possibilities curve.
5) Economic growth occurs when
The document discusses key economic concepts including scarcity, factors of production, capital goods, consumer goods, opportunity cost, production possibility frontier, economic growth, and different economic systems. It explains that human wants are unlimited but resources are scarce, and this economic problem must be addressed. Command, market, and mixed economies are described as different systems that societies use to organize production, distribution, and trade to deal with scarcity.
- Microeconomics is the study of individual units in an economy such as consumers and producers. It examines how scarce resources are allocated among competing ends.
- An economy is a system by which people obtain their living. There are three main types of economies: capitalist/market economies where production is privately owned, socialist/planned economies where production is centrally planned by the government, and mixed economies that have aspects of both.
- In a market economy, private individuals own resources and means of production, while in a planned economy the government owns and controls production. The key economic problem arises from scarcity of resources relative to unlimited wants, forcing choices between alternative uses of limited resources.
The document discusses production possibility curves and opportunity cost using examples from the Great Depression and World War 2 mobilization. During the Great Depression, reduced resources meant the US economy was well inside the production possibility curve. Mobilization for WWII increased productive resources through government spending, increased labor participation, and improved productivity, shifting the curve outward to indicate economic growth.
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.
The document introduces basic economic concepts including:
1) Economics is the study of how societies allocate scarce resources to satisfy unlimited wants.
2) Microeconomics examines individual decision-making while macroeconomics looks at whole economies.
3) Ceteris paribus means all other things remain equal while specific variables change.
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.
This chapter introduces key economic concepts. It defines economics as the study of how societies allocate scarce resources to satisfy unlimited wants. It distinguishes between microeconomics, which studies individual economic units, and macroeconomics, which looks at aggregate outcomes. The chapter covers basic economic problems like what, how, and for whom to produce. It introduces opportunity cost and production possibility frontiers to illustrate scarcity and tradeoffs. It also outlines different economic systems - capitalist, socialist, mixed, and Islamic - and how they approach resource allocation and production.
02 production possibilities and opportunity costNepDevWiki
The key concepts from Chapter 2 of the document include:
1) The three fundamental economic questions are what to produce, how to produce, and for whom to produce.
2) Opportunity cost is the best alternative forgone in making a decision and represents the value of the next best choice not selected.
3) A production possibilities curve illustrates the maximum combinations of two goods an economy can produce given scarce resources, and assumes resources and technology are fixed in the short-run.
4) Points inside the curve represent inefficient production, while points on the curve are efficient. The law of increasing opportunity costs and marginal analysis are important concepts relating to the production possibilities curve.
5) Economic growth occurs when
The document discusses key economic concepts including scarcity, factors of production, capital goods, consumer goods, opportunity cost, production possibility frontier, economic growth, and different economic systems. It explains that human wants are unlimited but resources are scarce, and this economic problem must be addressed. Command, market, and mixed economies are described as different systems that societies use to organize production, distribution, and trade to deal with scarcity.
Economists use models like the circular flow diagram and production possibilities frontier (PPF) to study economic concepts. The circular flow diagram shows how resources and dollars flow between households and firms. The PPF illustrates production tradeoffs and opportunity costs given limited resources. Microeconomics analyzes individual markets, while macroeconomics examines economy-wide issues. Economists aim to explain the world scientifically and advise on policy normatively.
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.
The main premise of economic problem is that human needs and wants are unlimited but resources are limited in nature. Thus, scarcity of resources which means that in order to produce one good, you have to sacrifice other good.
Opportunity cost using production possibility curveKuriakose T D
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.
The document discusses the basic economic problem of scarcity and opportunity cost. It defines the key concepts of needs and wants, and explains that while needs are necessities, wants are pleasurable but not necessary goods. Resources used to produce goods and services are finite but human wants are unlimited, creating an economic problem. The concept of opportunity cost, which is the next best alternative forgone when making a choice due to scarce resources, is introduced and illustrated using a production possibilities frontier diagram showing the tradeoffs between producing two goods.
This document provides an overview of principles of economics taught by Professor Michael Noel at the University of Mindanao. It defines key economic concepts like scarcity, opportunity cost, and production possibility frontier (PPF). The PPF illustrates the tradeoffs between producing different goods that arise from limited or scarce resources. A downward sloping or concave PPF shows increasing opportunity costs as more is produced of one good and less of another. Changes in available resources can cause the PPF to shift left, right, up or down.
Production transforms inputs into outputs through a process. A production function shows the relationship between inputs like capital and labor to the output quantity. There are three stages of production - initially increasing returns as marginal product rises, then diminishing returns as marginal product falls, and eventually negative returns. Isoquants illustrate combinations of two variable inputs that produce the same output amount. Returns to scale refer to the percentage change in output from a percentage change in all inputs. There can be increasing, constant, or decreasing returns to scale. Large-scale production can create internal economies from specialization and external economies from industry concentration.
Most of you will be introduced to this topic early on in your AS micro course. Examiners are really keen that you can apply the concept of production possibility frontiers to depict opportunity cost, economic growth and the efficient allocation of resources. Distinguish between movements along and shifts in production possibility frontiers. A basic definition of economic growth is required along with knowledge of the factors which might cause the production possibility frontier to shift outwards OR inwards.
Slide 1 1mm - the basic economic problemmattbentley34
The basic economic problem is that human wants are unlimited while resources are scarce. This means that societies must make choices about how to allocate scarce resources between alternative uses to best satisfy people's needs and wants. The opportunity cost of a choice is the value of the best alternative forgone, or what is given up by making that choice. Production possibility curves illustrate this problem by showing the tradeoffs involved - producing more of one good requires producing less of another since resources are limited.
The document discusses key economic concepts related to scarcity and choice. It introduces the production possibilities frontier (PPF) to illustrate that societies must choose between different goods and services since resources are limited. As more of one good is produced, less can be produced of another due to scarcity. Technological advances and capital accumulation can shift the PPF outward, allowing for more total output. Specialization and voluntary exchange allow countries to consume beyond their own PPF through trade. Opportunity cost is the next best alternative given up when making a choice and tends to increase as more of one good is produced over others along the PPF.
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.
This document provides an introduction to microeconomics concepts. It defines economics as the study of how society allocates scarce resources. It distinguishes microeconomics, which studies decision-making by individuals and small entities, from macroeconomics, which studies the economy as a whole. Some basic microeconomics concepts introduced include scarcity, choice, opportunity cost, factors of production, and graphs. It also discusses production possibilities curves and how they illustrate scarcity and opportunity costs.
The document discusses production possibility curves and opportunity costs. It explains that a production possibilities curve illustrates the maximum quantities of two goods an economy can produce with limited resources, and that opportunity cost is the best alternative given up when choosing one option over another. The curve slopes downward to show increasing opportunity costs as more is allocated to one good and less to another. Shifts in the curve can occur due to technological advances, resource discoveries, or other changes that impact the quantity of total output possible.
This document provides an outline and overview of key concepts from a chapter on the economic problem of scarcity and choice. It discusses how scarcity requires individuals and societies to make choices about allocating limited resources. It introduces opportunity cost and shows how specialization and trade allow individuals and societies to increase their overall production. It also discusses production possibility frontiers and how they illustrate the tradeoffs involved in allocating resources between capital goods and consumer goods.
The chapter discusses the Heckscher-Ohlin model of international trade. The model assumes two countries that produce two goods using two factors of production, labor and land. It predicts that a country will export the good that uses its abundant factor intensively and import the good that uses its scarce factor intensively. The model shows that trade leads to equalization of factor prices between countries and benefits owners of a country's abundant factor but harms owners of its scarce factor. Empirical tests find mixed support for the model and technological differences are also important in determining trade patterns.
This document outlines chapter 8 from an economics textbook. It discusses factors that influence economic growth, including capital deepening, technological progress, and human capital. It defines key terms related to measuring and explaining economic growth rates, such as real GDP per capita, growth rates, rule of 70, and convergence. It also examines the role of capital and saving/investment in the process of capital deepening and economic growth.
Thinking like an economist, economists-A scientist or A policy adviserRAHUL SINHA
The document discusses two key economic models - the circular flow diagram and the production possibilities frontier.
The circular flow diagram shows the continuous movement of money and resources between households and firms through two types of markets. Households earn income by supplying factors of production like labor to firms, then use that income to purchase goods and services from firms, completing the circular flow.
The production possibilities frontier illustrates the key economic problem of scarcity by showing the maximum possible output combinations of two goods or services an economy can produce with limited resources. Points on the curve represent efficient production, while inside points are inefficient. The slope also demonstrates the opportunity cost of producing more of one good.
This document discusses production possibility curves and opportunity cost. It explains that a production possibilities curve illustrates the maximum amounts of two goods an economy can produce with limited resources, and that opportunity cost is the next best alternative given up when choosing one option. The curve slopes downward to show increasing opportunity costs as more is produced of one good and less of the other. Shifts in the curve can occur due to technological changes, resource discoveries, or other factors that impact the efficiency of production.
This document provides an introduction to economics, including definitions and the scope. It discusses how economics is the management of household resources. Three main definitions are outlined: wealth oriented by Adam Smith, welfare oriented by Marshall, and scarcity oriented by Robbins. Economics is described as both a science and an art. It covers topics such as consumption, production, exchange, distribution, and public finance. Microeconomics focuses on individual goods and services, while macroeconomics looks at total national output and income.
AS Macro: Introduction to Economic Developmenttutor2u
This document provides an introduction to economic development. It defines economic development as improving human freedoms and reducing poverty, inequality, and unemployment. The key goals of economic development are outlined in the Millennium Development Goals and are measured by indicators such as the Human Development Index which considers education, life expectancy, and income. However, the HDI has limitations as it does not account for other important factors like political freedoms, income distribution, or qualitative changes over time. Common characteristics of lower income countries are also presented such as lower productivity and incomes as well as higher inequality, which can lead to social and economic costs if left unaddressed.
Economists use models like the circular flow diagram and production possibilities frontier (PPF) to study economic concepts. The circular flow diagram shows how resources and dollars flow between households and firms. The PPF illustrates production tradeoffs and opportunity costs given limited resources. Microeconomics analyzes individual markets, while macroeconomics examines economy-wide issues. Economists aim to explain the world scientifically and advise on policy normatively.
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.
The main premise of economic problem is that human needs and wants are unlimited but resources are limited in nature. Thus, scarcity of resources which means that in order to produce one good, you have to sacrifice other good.
Opportunity cost using production possibility curveKuriakose T D
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.
The document discusses the basic economic problem of scarcity and opportunity cost. It defines the key concepts of needs and wants, and explains that while needs are necessities, wants are pleasurable but not necessary goods. Resources used to produce goods and services are finite but human wants are unlimited, creating an economic problem. The concept of opportunity cost, which is the next best alternative forgone when making a choice due to scarce resources, is introduced and illustrated using a production possibilities frontier diagram showing the tradeoffs between producing two goods.
This document provides an overview of principles of economics taught by Professor Michael Noel at the University of Mindanao. It defines key economic concepts like scarcity, opportunity cost, and production possibility frontier (PPF). The PPF illustrates the tradeoffs between producing different goods that arise from limited or scarce resources. A downward sloping or concave PPF shows increasing opportunity costs as more is produced of one good and less of another. Changes in available resources can cause the PPF to shift left, right, up or down.
Production transforms inputs into outputs through a process. A production function shows the relationship between inputs like capital and labor to the output quantity. There are three stages of production - initially increasing returns as marginal product rises, then diminishing returns as marginal product falls, and eventually negative returns. Isoquants illustrate combinations of two variable inputs that produce the same output amount. Returns to scale refer to the percentage change in output from a percentage change in all inputs. There can be increasing, constant, or decreasing returns to scale. Large-scale production can create internal economies from specialization and external economies from industry concentration.
Most of you will be introduced to this topic early on in your AS micro course. Examiners are really keen that you can apply the concept of production possibility frontiers to depict opportunity cost, economic growth and the efficient allocation of resources. Distinguish between movements along and shifts in production possibility frontiers. A basic definition of economic growth is required along with knowledge of the factors which might cause the production possibility frontier to shift outwards OR inwards.
Slide 1 1mm - the basic economic problemmattbentley34
The basic economic problem is that human wants are unlimited while resources are scarce. This means that societies must make choices about how to allocate scarce resources between alternative uses to best satisfy people's needs and wants. The opportunity cost of a choice is the value of the best alternative forgone, or what is given up by making that choice. Production possibility curves illustrate this problem by showing the tradeoffs involved - producing more of one good requires producing less of another since resources are limited.
The document discusses key economic concepts related to scarcity and choice. It introduces the production possibilities frontier (PPF) to illustrate that societies must choose between different goods and services since resources are limited. As more of one good is produced, less can be produced of another due to scarcity. Technological advances and capital accumulation can shift the PPF outward, allowing for more total output. Specialization and voluntary exchange allow countries to consume beyond their own PPF through trade. Opportunity cost is the next best alternative given up when making a choice and tends to increase as more of one good is produced over others along the PPF.
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.
This document provides an introduction to microeconomics concepts. It defines economics as the study of how society allocates scarce resources. It distinguishes microeconomics, which studies decision-making by individuals and small entities, from macroeconomics, which studies the economy as a whole. Some basic microeconomics concepts introduced include scarcity, choice, opportunity cost, factors of production, and graphs. It also discusses production possibilities curves and how they illustrate scarcity and opportunity costs.
The document discusses production possibility curves and opportunity costs. It explains that a production possibilities curve illustrates the maximum quantities of two goods an economy can produce with limited resources, and that opportunity cost is the best alternative given up when choosing one option over another. The curve slopes downward to show increasing opportunity costs as more is allocated to one good and less to another. Shifts in the curve can occur due to technological advances, resource discoveries, or other changes that impact the quantity of total output possible.
This document provides an outline and overview of key concepts from a chapter on the economic problem of scarcity and choice. It discusses how scarcity requires individuals and societies to make choices about allocating limited resources. It introduces opportunity cost and shows how specialization and trade allow individuals and societies to increase their overall production. It also discusses production possibility frontiers and how they illustrate the tradeoffs involved in allocating resources between capital goods and consumer goods.
The chapter discusses the Heckscher-Ohlin model of international trade. The model assumes two countries that produce two goods using two factors of production, labor and land. It predicts that a country will export the good that uses its abundant factor intensively and import the good that uses its scarce factor intensively. The model shows that trade leads to equalization of factor prices between countries and benefits owners of a country's abundant factor but harms owners of its scarce factor. Empirical tests find mixed support for the model and technological differences are also important in determining trade patterns.
This document outlines chapter 8 from an economics textbook. It discusses factors that influence economic growth, including capital deepening, technological progress, and human capital. It defines key terms related to measuring and explaining economic growth rates, such as real GDP per capita, growth rates, rule of 70, and convergence. It also examines the role of capital and saving/investment in the process of capital deepening and economic growth.
Thinking like an economist, economists-A scientist or A policy adviserRAHUL SINHA
The document discusses two key economic models - the circular flow diagram and the production possibilities frontier.
The circular flow diagram shows the continuous movement of money and resources between households and firms through two types of markets. Households earn income by supplying factors of production like labor to firms, then use that income to purchase goods and services from firms, completing the circular flow.
The production possibilities frontier illustrates the key economic problem of scarcity by showing the maximum possible output combinations of two goods or services an economy can produce with limited resources. Points on the curve represent efficient production, while inside points are inefficient. The slope also demonstrates the opportunity cost of producing more of one good.
This document discusses production possibility curves and opportunity cost. It explains that a production possibilities curve illustrates the maximum amounts of two goods an economy can produce with limited resources, and that opportunity cost is the next best alternative given up when choosing one option. The curve slopes downward to show increasing opportunity costs as more is produced of one good and less of the other. Shifts in the curve can occur due to technological changes, resource discoveries, or other factors that impact the efficiency of production.
This document provides an introduction to economics, including definitions and the scope. It discusses how economics is the management of household resources. Three main definitions are outlined: wealth oriented by Adam Smith, welfare oriented by Marshall, and scarcity oriented by Robbins. Economics is described as both a science and an art. It covers topics such as consumption, production, exchange, distribution, and public finance. Microeconomics focuses on individual goods and services, while macroeconomics looks at total national output and income.
AS Macro: Introduction to Economic Developmenttutor2u
This document provides an introduction to economic development. It defines economic development as improving human freedoms and reducing poverty, inequality, and unemployment. The key goals of economic development are outlined in the Millennium Development Goals and are measured by indicators such as the Human Development Index which considers education, life expectancy, and income. However, the HDI has limitations as it does not account for other important factors like political freedoms, income distribution, or qualitative changes over time. Common characteristics of lower income countries are also presented such as lower productivity and incomes as well as higher inequality, which can lead to social and economic costs if left unaddressed.
Scarcity refers to limited resources being unable to meet unlimited wants. Economics tries to solve the problem of scarcity by determining how to distribute limited resources to best meet wants. Goods are tangible items while services are activities performed for others. Factors of production include land, labor, and capital. Land represents natural resources, labor is work done for pay, and capital includes physical assets like buildings and equipment as well as human capital like education and skills.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise boosts blood flow and levels of neurotransmitters and endorphins which elevate and stabilize mood.
The document discusses the concept of scarcity in economics. It defines scarcity as limited resources being unable to meet unlimited wants, creating an economic problem. Economics is then presented as the study of allocating scarce resources efficiently to meet wants. The relationship between scarcity and economics is explored, with scarcity giving rise to the need for economics to address this issue through resource allocation. Key terms like demand, supply, and markets are also introduced in the summary.
This document discusses inclusive growth, poverty, and economic development in India. It notes that while India has seen significant economic and social improvements since independence, exclusion continues in terms of agriculture growth, employment quality, human development, and regional disparities. The key elements of inclusive growth are identified as poverty reduction, employment, agriculture development, social sector development, regional equality, and environmental protection. The document analyzes trends in poverty reduction but notes over 300 million Indians still live below the poverty line. It also examines challenges in employment, particularly low quality jobs and lack of social security for most workers. Overall the document advocates for higher agricultural growth, improving rural opportunities beyond farming, and boosting human capital to promote more inclusive development.
This document provides an overview of the OECD project on Innovation for Inclusive Growth and its 2015 report. The project aims to examine how innovation can promote inclusive development. It involved experts from various countries and organizations. The 2015 report focuses on inclusive innovations that improve welfare for disadvantaged groups. It discusses policy approaches to support such innovations and ensure they reach scale. The document outlines challenges like informality, access to expertise and finance, and regulatory issues. It proposes policy responses like cross-government coordination, public-private partnerships, and financial support to foster cooperation across actors and address challenges.
The Asian financial crisis was a period of financial crisis that gripped much of East Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.
Financial contagion refers to “the spread of market disturbances -- mostly on the downside -- from one country to the other, a process observed through co-movements in exchange rates, stock prices, sovereign spreads, and capital flows." Financial contagion can be a potential risk for countries who are trying to integrate their financial system with international financial markets and institutions. It helps explain an economic crisis extending across neighboring countries, or even regions.
This document discusses the evolution of economics as a subject through different conceptual stages:
1. Wealth concept: Early economists like Adam Smith defined economics as the science of wealth and were focused on wealth generation. This led to criticism that it promoted wealth over welfare.
2. Welfare concept: Economists like Marshall shifted the focus to human welfare, arguing economics studies how people conduct ordinary life and is a social science.
3. Scarcity concept: Robbins defined economics as studying relationships between unlimited wants and scarce resources. This introduced the idea of scarcity, choice, and opportunity cost.
4. Development concept: Modern economists believe economics should also study how to increase resources over time to satisfy more
Ch 32 macroeconomics of an open economyGale Pooley
This document provides an overview of key concepts related to macroeconomics and open economies, including:
- Definitions of open vs. closed economies, as well as terms like exports, imports, trade balances, surpluses, and deficits.
- Examples of major companies and countries involved in global trade of devices and semiconductors.
- Details on charter costs for shipping iPhones from China to Saudi Arabia.
- Explanations and examples for concepts like nominal exchange rates, appreciation/depreciation, purchasing power parity, and the law of one price.
The document provides an overview of basic economic concepts including definitions of economics from various sources and the key concerns of economics such as production, distribution, and consumption. It also discusses microeconomics and macroeconomics as divisions of economics and whether economics can be considered a science.
Economics is the study of how individuals and societies make decisions about using scarce resources to fulfill wants and needs. It can be studied at the macro level of whole economies or micro level of individual decision making. Resources are limited so choices must be made between alternatives, which involves tradeoffs. Production requires factors of land, labor, capital and entrepreneurship to transform inputs into goods and services. Firms aim to maximize profits by equating their marginal costs with marginal revenues from sales. Different economic systems approach these decisions in various ways such as traditional economies based on custom, command economies controlled by the government, and free market economies driven by supply and demand.
This document provides an introduction to economic concepts including the economic problem, opportunity cost, and production possibility frontiers. It explains that economies face scarce resources and unlimited wants, requiring choices about what and how to produce and who receives goods and services. Opportunity cost refers to the next best alternative given up from a decision. Production possibility frontiers illustrate the combinations of goods an economy can produce with given resources and how resources can be reallocated to produce more of one good at the cost of less of another.
The document discusses key economic concepts:
1) The production possibility frontier (PPF) shows the maximum combination of goods and services an economy can produce with available resources.
2) Consumer goods are for present use while capital goods are for future investment and increasing the economy's future capacity.
3) If resources are reallocated from capital goods to consumer goods, the economy can produce more consumer goods but fewer capital goods. The opportunity cost of extra consumer goods is reduced capital goods.
The document introduces some key concepts in economics:
1) There is unlimited human want but scarce resources, so societies must make choices about what goods and services to produce.
2) Opportunity cost refers to the next best alternative forgone in a decision and helps view the true cost of choices.
3) Production possibility frontiers illustrate the different combinations of goods an economy can produce with limited resources, and demonstrate concepts like economic growth and opportunity cost.
This document provides an overview of a chapter on governmental influence on trade. It discusses the rationales governments have for influencing trade, including economic reasons like fighting unemployment, protecting infant industries, developing an industrial base, and improving economic relations with other countries. It also discusses non-economic rationales like maintaining essential industries, dealing with unfriendly countries, and maintaining spheres of influence. The objectives of the chapter are explained and examples are given of different government trade policies and their potential effects.
The document introduces some key concepts in economics including the economic problem, opportunity cost, and production possibility frontiers. It explains that economies have unlimited wants but scarce resources, so they must make choices about what and how to produce goods and services. Opportunity cost refers to the next best alternative sacrificed in a decision. Production possibility frontiers show the different combinations of goods an economy can produce with its resources, and demonstrate concepts like economic growth and opportunity cost.
The document provides an introduction to economics concepts taught in the IB Economics curriculum. It aims to give students a core knowledge of economics, encourage critical thinking about economics, promote internationalism, and develop students as independent learners. It distinguishes between positive statements, which assert facts, and normative statements, which make value judgments. It also covers key concepts like scarcity, opportunity cost, production possibility frontiers, and how economies answer the basic questions of what, how, and for whom to produce.
[Slidecast] Modeling the Shared Value of Industry CollaborationSustainable Brands
In this session, John O'Connor, VP Sustainability Research, Gaia Metrics (formerly, World Bank, IMF) suggests a model for applying models typically used to value "own account intangibles" like capitalized R&D and brand equity to industry or shared intangibles, such as pre-competition collaboration and supply chain information systems. Case studies from diverse industries (computers & electronics, pharmaceuticals, textiles & apparel, mining, and alcoholic beverages) will be used to show how shared or industry wide intangibles can play a significant role in shareholder value, in some cases exceeding the contribution of the company's purchased or own account intangibles.
These case studies will be used to propose a tentative typology for how businesses seem to use industry intangibles to maximize shareholder value. Topics for discussion include how businesses seem to use industry intangibles to maximize shareholder value, how examples presented might apply to other industries, and how the value of industry collaboration might be connected to income and expense data, to support return on investment metrics.
This document discusses growth and development strategies. It defines growth models as showing how economic growth has occurred historically, while development strategies aim to improve standards of living. Key growth models discussed are the Harrod-Domar model, which shows how savings rates and capital-output ratios influence growth rates, and the structural change model, which explains a country's transition from agriculture to manufacturing and services. The document also outlines different growth strategies like export-led growth and import substitution, as well as types of foreign aid and reasons for foreign direct investment.
The document discusses various concepts of costs including real costs, economic costs, and opportunity costs. It provides definitions and examples for each type of cost. Economic costs include all explicit and implicit costs incurred during production plus normal profit. Opportunity cost refers to the next best alternative forgone in order to pursue a particular option. The concept is important for production, consumption, and other economic decisions. Internal and external economies and diseconomies can impact the shape and position of a firm's long-run average cost curve.
This document discusses key economic concepts including the economic problem, opportunity cost, and production possibility frontiers. It explains that economies have unlimited wants but scarce resources, and must make choices about what and how to produce goods and services and who will consume them. Opportunity cost refers to the next best alternative given up when a choice is made. Production possibility frontiers illustrate the various combinations of goods an economy can produce with its resources, and that movement along the curve demonstrates opportunity cost through trade-offs between different types of goods.
This document discusses bottom of the pyramid (BOP) marketing, which involves selling products and services to the world's poorest people. It defines the BOP as 3.7 billion people earning less than $2 per day. While BOP marketing presents opportunities for growth, it also faces risks and challenges, such as unclear market size, low margins, and distribution difficulties. The document provides guidelines for responsible BOP marketing, including engaging the poor as problem solvers, innovating locally tailored solutions, improving access through distribution, and creating buying power through financing schemes.
This document provides an overview of key economic concepts. It discusses different economic systems including capitalism and socialism. It also outlines different types of business organizations like private sector firms, public sector, corporations and non-profits. Additionally, it defines important economic terms such as opportunity cost, production possibility frontier, marginalism, and incrementalism. It also maps out the circular flow of income between consumers, producers and other sectors of the economy.
This document discusses key economic concepts including the economic problem, opportunity cost, and production possibility frontiers. It explains that economies have unlimited wants but scarce resources, so they must make choices about what and how to produce and who will consume goods and services. Opportunity cost is defined as the next best alternative sacrificed in a decision. Production possibility frontiers illustrate the various combinations of goods an economy can produce and show that increasing one requires decreasing another due to scarce resources. The document provides examples of how production possibility frontiers can demonstrate economic growth and opportunity cost.
This document discusses key economic concepts including the economic problem, opportunity cost, and production possibility frontiers. It explains that economies have unlimited wants but scarce resources, so they must make choices about what and how to produce goods and services and who will consume them. Opportunity cost refers to the next best alternative given up when a choice is made. Production possibility frontiers illustrate the various combinations of goods an economy can produce with its resources and demonstrate the concept of opportunity cost through tradeoffs between different types of goods.
The SMEs Entry Strategy and WTO Implication. This slides trying to analyze the market enter strategy, especially from developing country to developed country
The document discusses two approaches for companies to enter new markets: the waterfall approach and the sprinkler approach. The waterfall approach involves carefully planning an expansion into fewer markets to avoid overstretching resources, while the sprinkler approach is used when first-mover advantage is important in highly competitive markets. Developing markets like those in BRIC nations and Southeast Asia represent large potential markets as their populations account for 20% of the world's people and their incomes are rising. The document also provides examples of companies that earn significant portions of their revenues from emerging markets and strategies for identifying attractive new markets.
This document discusses key economic concepts including the economic problem, opportunity cost, and production possibility frontiers. It explains that economies have unlimited wants but scarce resources, so they must make choices about what and how to produce and who will consume goods and services. Opportunity cost is defined as the next best alternative sacrificed in a decision. Production possibility frontiers graphically show the combinations of goods an economy can produce and demonstrate that increasing one requires decreasing another due to scarce resources.
This document discusses key economic concepts including the economic problem, opportunity cost, and production possibility frontiers. It explains that economies have unlimited wants but scarce resources, so they must make choices about what and how to produce and who receives goods and services. Opportunity cost is defined as the next best alternative sacrificed in a decision. Production possibility frontiers graphically show the combinations of goods an economy can produce and demonstrate that increasing one good requires decreasing another due to scarce resources.
Show the different combinations of goods and services that can be produced with a given amount of resources
No ‘ideal’ point on the curve
Any point inside the curve – suggests resources are not being utilised efficiently
Any point outside the curve – not attainable with the current level of resources
Useful to demonstrate economic growth and opportunity cost
This document discusses key economic concepts including the economic problem, opportunity cost, and production possibility frontiers. It explains that economies have unlimited wants but scarce resources, so they must make choices about what and how to produce and who will consume goods and services. Opportunity cost is defined as the next best alternative sacrificed in a decision. Production possibility frontiers graphically show the combinations of goods an economy can produce and demonstrate that increasing one requires decreasing another due to scarce resources.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Find out more about ISO training and certification services
Training: ISO/IEC 27001 Information Security Management System - EN | PECB
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A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
8. Production Possibility Frontiers
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11. Positive and Normative Economics
• Health care can be improved with more • Positive
tax funding Statements:
• Pollution control is effective through a – Capable of being verified
system of fines or refuted by resorting to
fact or further
investigation
• Society ought to provide homes for all • Normative
• Any strategy aimed at reducing factory Statements:
closures in deprived areas would be – Contains a value judgement
helpful which cannot be verified by
resort to investigation or
research
12. Micro & Macro economics
• The field of economics that
• The branch of economics studies the behavior of the
that analyzes the market aggregate economy.
behavior of individual Macroeconomics examines
consumers and firms in an economy-wide phenomena
attempt to understand the such as changes in
decision-making process of unemployment, national
firms and households. income, rate of growth, gross
domestic product, inflation
and price levels.
13. Economic Development
• Economic development is a measure
of welfare, a measure of well-being.
• Commonly used measure is Human
Development Index (HDI).
• Measures national income power
head, adult literary rate, average
years of schooling, life expectancy
14. Category HDI Value
High Human development .800 and above
Medium human development .500 -0.799
Low human development Less than .500
15. Sustainable Development
• Development that meets • Countries should not
the needs of the present use up resources too
without compromising the quickly and should not
ability of future harm the environment
generations to meet their since this will stop
own needs. growth taking place in
the future.