C1:Economic Problems

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  • Created by: Roy Cheng
  • Created on: 13-03-13 01:25
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  • C1:Economic Problems
    • Definition
      • Using scarce resources to satisfy unlimited wants
    • Questions
      • For whom to produce
      • How to produce
      • What to produce
      • How much to produce
    • Factors of Production/Factor endowment
      • Land
      • Labour
      • Capital
      • Entrepreneur
    • Increase production
      • Specialisation
        • Definition
          • Individual and firms concentrate upon what they are best at and produce those goods or services rather than others
        • Effects
          • Exchange goods and services/Trading
        • Advantage
        • Disadvantage
      • Division of Labour
        • Definition
          • The breakdown of work into its tasks or parts and assigned to various people, groups or machines for the purposes of efficiency.
        • Advantage
        • Disadvantage
    • Payments
      • Money
        • Definition
          • Anything that is generally acceptable as a form of payment
        • Characteristics of Money
          • Durability
          • Acceptability
          • Portability
          • Divisibility
          • Scarcity
          • Homogenous
          • Difficult to forge
        • Functions of Money
          • Store of value
          • Measure of value
          • Medium of exchange
          • Means of deferred payments
      • Barter
        • Disadvantage of Barter System
          • Value difference
          • Need double coincidence
          • Low durability
          • Untitled
    • Opportunity cost
      • Definition
        • Best alternative forgone
  • Untitled

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