Study Notes - POPULATION, EMPLOYMENT & CHANGE (inc. Economic Growth)

Economics- the study of how to use our limited resources (L, L C & adenosine monophosphate; E) wisely to help make society and individuals better off.

Land- innate(p) gifts of nature

Labour- various intellectual talents as well as natural power provided by labour force

Capital- the money needed to produce

Entrepreneurship- the supposition or ability to create the production, its people employed to think

There be two branches of economics:

Microeconomics: factors that influence smaller parts of the Australian thriftiness.

Macroeconomics: looks at the whole nation; birds eye view of the economy for a country.

Interest rate- the cost of borrowing money

The problem with relative scarcity refers to the face that there are not enough resources to pay societys unlimited necessitys.

The opportunity cost of producing an item is the cost (lost) in not producing the next best item.

Here we see that if this producer is in a market that thrives in he usage of guns and not much butter then he would be advised by entrepreneurs to enter his L, L & C into the production of butter, as there is more demand and not as much supply. This is seen as microeconomics.

The PPF is the Possibility Production edge; it represents the maximum siding that can be achieved. To increase the output in an economy you lower opportunity cost.

There are 4 main types of economic systems

Decision making

Planned Capitalism- Governments control markets to an extent & slump what they want sold although money is still retained indoors the private system (products owned by private businesses.) This would come out to be the worst market system for consumers.

Planned Socialism- The government scheme what they want sold and how they want it sold. In addition communism makes sure that state own all enterprise. This would seem to be...

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