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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This topic looks at Opportunity Cost and a very simple explanation using an example.
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Add to cartThis topic looks at Opportunity Cost and a very simple explanation using an example.
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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Add to cartThis Unit covers the 4 factors of production, namely Land, Labour, Capital and Enterprise and their mobilities as well as rewards.
Preview 2 out of 8 pages
Add to cartAn introductory about what is Economics!
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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Add to cartWe 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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