Introduction of Economic Concept

Introduction of Economic Concept

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  • Hey! Do you know that factors of production are grouped into 4 which are land, labour, capital and enterprise
  • Furthermore, scarcity that is studied by economists are defined as the excess of human wants over what can actually be produced to fulfill these wants
  • Economics are divided into macroeconomics and microeconomics
  • Macroeconomics is the study of the economy by aggregate demand and aggregate supply while microeconomics is the study of the behaviour of individual economic units such as supply and demand
  • Production Possibility Curve (PPC) is divided into linear graph and concave graph
  • Linear graph shows constant opportunity cost while concave shows the law of increasing costs
  • Economies are classified into command economies, free-market economies and mixed economies
  • Command economy is a planned economy which include
  • Free-market economy is all economics decisions are taken by government which include characteristics such as firms are free to choose and prices changes in response to changes 
  • Mixed economy is economic decisions are taken by government which include characteristics such as the government will also control the existence of monopolies
  • A positive statement can be tested by facts while a normative statement can be based on value judgement
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