Leading Edge Yr 11 Book: Economics. Study Notes For First 6 Chapters!

1541 words - 6 pages

Chapter 1: What is economics about?Economics is concerned with addressing the economic problem of satisfying unlimited wants with our scarce resources.Each economy must answer the following four basic questions:What to produce?How much to produce?How to produce?How to distribute production?Whenever we choose to produce or consume one product, we miss out on the alternative products that could have been produced using those resources. This is known as the opportunity cost.The production possibility frontier is a simple way of explaining opppotunity cost. Assuming that only two goods are produced, it shows that producing more of on e good requires us to produce less of the other.Improvements in technology will cause the production possibility frontier to shift outwards.Changes in the level of resources will change the position of the production possibility frontier, moving it outwards (when the level of available resources increases) or inwards (when the level decreases).If an economy is producing at a point below the production possibility curve it is experiencing unemployment of resources.Today's economic choices affect tomorrow's economic outcomes. If we choose to satisfy a want today, we may not be able to satisfy want in the future.In choosing between satisfying present or future wants:Individuals must make choices between spending or saving. Spending satisfies present wants while saving raises living standards.Businesses must make choices about price, how much to produce, what resources to use and how to manage their employees.Governments can influence the choices of individuals and businesses by affecting the cost of choices and other factors underlying their decision making processes.Chapter 2 How economies operateBusiness firms combine the factors of production to produce goods and services. Goods are tangible items for consumption, whereas services are intangible acts that are of benefit to consumers.The four main factors of production are:Natural resources, which earns rentLabour, which earns wagesCapital, which earns interestEnterprise, which earns profitMarket economies distribute goods and services based on the individual's contribution to the production process: the larger the contribution, the greater amount of output received.Modern market economies use money to exchange goods and services between people. Non-cash exchange can also take place, where a good or service is directly traded for another goods or service. This transaction is called bartering.Market economies are subject to recurring fluctuations in the level or economic activity known as the business cycle, which affects income levels, employment opportunities and quality of life in an economy, Despite this cycle, the overall trend over time in an economy is generally towards increased output.The circular flow of income model is a theoretical model that describes the operation of the economy and linkages between the main sectors in the economy.The five sectors in the...

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