Specialisation and trade - Study guides, Revision notes & Summaries

My revision planner Paper 1 The operation of markets and market failure 1 Economic methodology and the economic problem Economic methodology The nature and purpose of economic activity Economic resources Scarcity, choice and the allocation of resources 2 Individual economic decision-making Consumer behaviour Imperfect information Aspects of behavioural economic theory Behavioural economics and economic policy 3 Price determination in a competitive market The meaning of a competitive...

BRICS - Answer Brazil, Russia, India, China & South Africa Indicators of growth - Answer Statistics that show the extent to which a country is increasing in size Equation of GDP - Answer National income/population Business specialisation - Answer When businesses concentrate on producing specific goods Foreign direct investment - Answer Investment made by a business from one country into the production of a business from another country Globalisation - Answer The increa...

Final Exam - NUR2063 / NUR2063 (Latest MAY 2023) : Essentials of Pathophysiology - Rasmussen Economics - Lecture notes 16 Economics (University of Nairobi) lOMoAR cPSD| ECONOMICS PART 1 CPA SECTION 2 CCP SECTION 2 CIFA SECTION 2 CS SECTION 2 STUDY TEXT GENERAL OBJECTIVES Page 2 ECONOMICS lOMoAR cPSD| This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to apply the fundamental principles of economics in decisio...

Microeconomics AS WJEC questions and answers with complete top solutions What are the four factors of production? - Land - Labour - Capital - Entrepreneurship What is the 'basic economic problem'? - Finite resources, infinite wants 00:37 01:40 What is an opportunity cost? - The benefit forgone of the next best alternative What is meant by free goods and economic goods? - Free goods are those of infinite supply (no opportunity cost) - Economic goods are t...

Economics summary principle of economics CHAPTER 1: Thinking like an economist. Economics: The study of how people make choices under conditions of scarcity and of the results of those choices for society. Scarcity Principle (no-free-lunch principle): Although we have boundless needs and wants, the resources available to us are limited. So having more of one good thing usually means having less of another. Hence the cliché, “there ain’t no such thing as a free lunch”, sometimes...

Microeconomics AS WJEC questions and answers with complete top solutions What are the four factors of production? - Land - Labour - Capital - Entrepreneurship What is the 'basic economic problem'? - Finite resources, infinite wants What is an opportunity cost? - The benefit forgone of the next best alternative What is meant by free goods and economic goods? - Free goods are those of infinite supply (no opportunity cost) - Economic goods are those in finite supply ...

Capital The money provided by the owners in a business Capital expenditure Spending on business resources that can be used repeatedly over a period of time Internal finance Money generated by the business or its current owners Retained profit Profit after tax that is 'ploughed back' into the business Revenue expenditure Spending on business resources that have already been consumed or will be very shortly Sale and leaseback The practice of selling assets, such as property or machine...

ECS1601 Assignment Exam/ Rationales Answers With A+ Grade Which one of the following statements is incorrect? [1] Money is different from income and wealth [2] Income refers to reward earned in exchange for offering factors of production in the production process [3] It is good to hold wealth in the form of money during periods of high inflation because the value is protected [4] Money functions as a medium of exchange because it is generally accepted in payment for goods and services -...

EDEXCEL A LEVEL BUSINESS EXAM LATEST UPDATE -THEME 4 Economic growth - CORRECT ANSWER- An increase in a country's productive capacity Emerging economies - CORRECT ANSWER- The economies of developing countries where there is rapid growth, but also significant risk Human Development Index (HDI) - CORRECT ANSWER- A collection of statistics that are combined into an index, ranking countries according to their human development Literacy rate - CORRECT ANSWER- The percentage of adults (over 15) ...

IOP3704 SUMMARISED NOTES 2022/2023 STUDY UNIT 1: An Industrial Psychology Approach to Labour Relations What are the main reasons for the neglect of the role of industrial psychology in labour relations? 1. There is a tendency of industrial psychologists to ignore trade unions, reasons for this include:  Institutional Naivety – viewing Labour Relations (LR) primarily as interpersonal relations  Inadequate Exposure to the problems of the working class – poor sensitivity and underst...