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1.1 Nature of Economics Package - Edexcel Economics A

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1.1 Nature of Economics Package - Edexcel Economics A 1.1.1 -Economics as a social science 1.1.2 Positive and normative economic statements 1.1.3 The economic problem 1.1.4 Production possibility frontiers 1.1.5 Specialisation and the division of labour 1.1.6 Free market economies, mixed economy and command economy

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1.1.6 Free Market economies, Mixed Economy and command economy. Marx, Smith and Hayek

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Free Market Economy - what it is, advantages and disadvatages, Command Economy - what it is, advatages and disadvantages Mixed Economy - what it is, advatages and disadvantages Economic systems Karl Marx and his beliefes Adam Smith and his beliefes Friedrich Hayek and his beliefes

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1.1.5 Specialisation and the Division of labour - Edexcel economics notes

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Specialisation, Division of Labour, Advantages and disadvantages of division of labour both for the employer and the employee. Characteristics of money Functions of money: Medium of exchange, Measure of value, Store of value, Method of deferred payment Forms of money

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