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O Level CIE Economics : Unit 1 - The Basic Economic Problem
This Unit 1 comprises of the basic concepts that govern Economics. We look at Opportunity Cost, Factors of Production and PPC and these, altogether, lay a good foundation for the forthcoming units.
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- • 4 items •
- Opportunity Cost • Class notes
- The 4 Factors of Production • Class notes
- Nature of the economic problem • Summary
- Using PPC to illustrate Opportunity Cost • Class notes
This Unit 1 comprises of the basic concepts that govern Economics. We look at Opportunity Cost, Factors of Production and PPC and these, altogether, lay a good foundation for the forthcoming units.
Using PPC to illustrate Opportunity Cost
We use the concept of PPC to show opportunity cost and how moving along PPC supports this. We also look at all combinations on, within and outside the PPC as well as factors which make the PPC shift.
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- Class notes
- • 7 pages •
We use the concept of PPC to show opportunity cost and how moving along PPC supports this. We also look at all combinations on, within and outside the PPC as well as factors which make the PPC shift.
Nature of the economic problem
An introductory about what is Economics!
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- Summary
- • 8 pages •
An introductory about what is Economics!
The 4 Factors of Production
This Unit covers the 4 factors of production, namely Land, Labour, Capital and Enterprise and their mobilities as well as rewards.
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- Class notes
- • 8 pages •
This Unit covers the 4 factors of production, namely Land, Labour, Capital and Enterprise and their mobilities as well as rewards.
Opportunity Cost
This topic looks at Opportunity Cost and a very simple explanation using an example.
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- Class notes
- • 3 pages •
This topic looks at Opportunity Cost and a very simple explanation using an example.