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Title: Micro Economics Starting point (3 hours worth of notes)
Description: These notes are aimed at the beginners of the A level Economics Year 1, or AS. These notes only include notes for MICRO Economics and will look at personal and not the overall economy
Description: These notes are aimed at the beginners of the A level Economics Year 1, or AS. These notes only include notes for MICRO Economics and will look at personal and not the overall economy
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06/09/16 – Economics
Dialysis Analogy
High Priority
- Low user
- Needs lots
- Good investment
- more economic potential
Low Priority
Alt
...
less cost to society if dies
What is economics?
My definition
Economics is about the flow of money in circulation and is based on supply and demand of
products
...
Opportunity cost
Opportunity Cost is the sacrifice of the next best alternative, which is forefront when a choice
is made
...
Economic Problem
WHAT
HOW
WHOM
Definition:
What goods and services to
produce in an economy, given
scarce resources
Definition:
What processes will
produce these g&s
Definition:
How will the output be shared
amongst the people (who gets
what)
Should the government use
taxpayer money to build new
schools or airports?
Should car bodies be
made from steel or
fiberglass?
Should people who are disabled
and cannot work get as much as
people who work?
LAND
Natural Resources (Fish, Coal, Oil, Green Fields)
LABOUR
Human Resources
CAPITAL
Man Made aid to production (machines, warehouses)
ENTREPRENEURSHIP Someone who bears the risks to the business and who organises
production (e
...
Economic problem:
Not everyone can have everything due to scarcity so we need to find the best solution
...
Economic system:
The regular and coordinated interaction of people to produce and distribute goods and
services to satisfy human needs and wants within a political or geographical area
...
The more of one type of goods, the less of the other type of goods can be produced, but it
curves (shown above)
If the economy chooses to produce A, the economy wants to increase production of
consumer goods
...
It is curved because the two are related, and also because some resources are better at
producing a specific type of goods
...
Assumptions of PPC
The economy only produces two types of goods
...
)
Given state of technology
What shifts a PPC
Change in resources
Change in technology
Why the PPC isn’t straight
Pizza uses the same resources as calzones so
it is a constant opportunity cost (graph on the
left)
...
E
...
(graph on the right)
At point B, all of the engineering specialists
are taken from making pizzas and can make robots quickly and more
efficiently as they know how
...
C
Title: Micro Economics Starting point (3 hours worth of notes)
Description: These notes are aimed at the beginners of the A level Economics Year 1, or AS. These notes only include notes for MICRO Economics and will look at personal and not the overall economy
Description: These notes are aimed at the beginners of the A level Economics Year 1, or AS. These notes only include notes for MICRO Economics and will look at personal and not the overall economy