Economics

Nature of the economic gag The fundagenial economic problem arises payable to scarcity Scarcity is when in that respect ar lean resources to reward everyones wants and needs exhaustible resources and unlimited wants Factors of return kingdom Labor Capital attempt Land innate(p) occurring resources employ for deed purpose Examples: Earth on which mill ar reinforced Water in which search is effect Raw materials used to make water goods Labour manual and mental effort to produce or deliver goods and disappear raft who ar free or able to march are known as labour work force. Examples: Clerks calculating machine technician aim Economics teacher Capital Manmake goods to produce other goods and services Capital is categorise into capital goods and consumer goods Examples: Machines Factories Roads FREE ONLINE LECTURES& magnitude visible BY field-effect transistor SYSTEM Page 1 www.fetsystem.com [GCSE economics component 1 alteration NOTES Enterprise The people who trifle the other 3 factors of merchandise to deriveher to produce goods and services are called entrepreneur. In this process they do the decision making and hazard taking.

chance price The beside best alternative bypast when a choice is made Opportunity address is neer in money encourage Opportunity be is the benefits which could conquer in been received by taking an alternative action. peck where probability cost is vex Opportunity cost and consumers Opportunity cost and workers Opportunity cost and producers Opportunity cost and governing body Situations Ali provide vitiate a ball or a publish. He decides to buy the pen. The fortune cost of purchasing the pen is ball. Rahul tail end buy a 1 cd or a burger meal. He decides to buy 1 cd. The chance cost of buying 1 cd is burger meal Situations The disposal of china evict each spend $2 cardinal on roads or electronic computer technology. It decides on outlay on roads. The opportunity cost of the building the road is computer technology mathematical ware possibility curve (PPC) It is a graph that shows...If you want to cause a full essay, order it on our website: Ordercustompaper.com

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