Ib economics Study guides, Revision notes & Summaries

Scarcity - Answer the condition that results from limited resources combined with unlimited wants Opportunity Cost - Answer Cost of the next best alternative use of money, time, or resources when one choice is made rather than another Factors of Production - Answer resources of land, labor, capital, and entrepreneurship used to produce goods and services Land - Answer the physical location where production occurs. Includes bodies of water as well as resources extracted from the ...

Exam (elaborations) ECS1601 - Economics IB (ECS1601)

Ceteris paribusall other things are being held equal positive economicsmatters of economics that can be proven to be right or wrong by looking at the facts normative economicsmatters of economics that are based upon opinion and so are incapable of being proven to be right or wrong scarcitythe limited availability of economic resources relative to societys unlimited demand for goods and services

Scarcity the condition that results from limited resources combined with unlimited wants Opportunity Cost Cost of the next best alternative use of money, time, or resources when one choice is made rather than another Factors of Production resources of land, labor, capital, and entrepreneurship used to produce goods and services Land the physical location where production occurs. Includes bodies of water as well as resources extracted from the earth.

AQA GCSE ECONOMICS Paper 1 How Markets Work Wednesday 17 May 2023 Afternoon Time allowed: 1 hour 45 minutes Materials You will need no other materials. You may use a calculator. Instructions • Use black ink or black ball-point pen. • Fill in the boxes at the top of this page. • Answer all questions. • You must answer the questions in the spaces provided. Do not write on blank pages. • If you need extra space for your answer(s), use the lined pages at the end o...

Actual Output Production of goods and services in a given time period Potential output Possible production of goods or services in an economy if all available factors are employed Actual Growth Occurs where previous unemployment of factors of production are brought into use. It is represented on the PPC curve from a point to another point that is nearer to PPC curve. Potential Growth Occurs when there is an increase in quantity and increase in quality of factors of production. It is r...

IB Micro Full list of definitions - I was an IB Econ HL student and managed to score a 7 on my exams with the helps of these notes, I hope they can help you too :)

IB Economics Macroeconomics.

WGU C211 - Global Economics for Managers Final Exam - All Reading (Answered Fall 2022) Base of the pyramid (BOP) Economies where people make less than $2,000 per capita per year. BRICA Brazil, Russia, India, and China. Emerging economies term that has gradually replaced the term "developing countries" since the 1990s. Emerging markets A term that is often used interchangeably with "emerging economies." Expatriate manager A manager who works abroad, or "expat" for short. Foreig...