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- A.T.I ATI 1
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- BMC Answers 2020/2021, Complete solutions BMC Answers (Bloomberg) 2020/2021, Complete solutions (A+ guide) 1
- BMC Answers 2020/2021, Complete solutions University of Massachusetts, Lowell. BMC Answers (Bloomberg) 2020/2021, Complete solutions (A+ guide) University of Massachusetts, Lowell. 3
- BMC Answers 2020/2021, Complete solutions University of Massachusetts, Lowell. 2
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- SOCIOLOGY 101 SOCIOLOGY 101 6
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- SOPHIA UNIVERSITY INSTITUTE - SOCIOLOGY 101 SOCIOLOGY FINAL MILESTONE EXAM QUESTION AND ANSWERS_A GUIDE. 1
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Popular books California Southern University
Latest notes & summaries California Southern University
Macroeconomics 
The study of the economy as a whole, including inflation, growth and unemployment. 
 
 
 
Aggregate demand 
The total amount of goods / services demanded in an economy at a given time at a given price level. 
 
 
 
Aggregate supply 
Total amount of goods and services supplied in the economy at a given time at given price level. 
 
 
 
What is GDP? 
Gross Domestic Product = the total value of all goods and services produced in an economy in a given time period. 
 
 
 
What does % ...
1.1.1 - The Economic Problem 
 
 
 
The basic economic problem 
Scarcity - unlimited wants and finite resources, so choices have to be made. Resources have to be used and distributed optimally. Scarcity refers to the shortage of resources in relation to the quantity of human wants. 
 
 
 
Scarcity Example 
For example, if you only have £1 and you go to a shop, you can buy either the chocolate bar or the packet of crisps. The scarcity of the resource (the money) means a choice has to be made bet...
Globalisation 
Increased interdependence between countries and the rapid rate of change it brings about 
 
 
 
Factors contributing to globalisation (5) 
Improvements in infrastructure (Quicker, more reliable and cheaper methods enabling production) 
 
Improvements in IT and communication (Allows global operations) 
 
Trade Liberalisation (Reduces protectionism and makes trade cheaper - specialisation) 
 
International financial markets (Raising money and transferring it globally) 
 
TNCs (Low p...
Factors influencing demand for labour 
Demand for final product - if rise in output > increase in productivity 
 
Relative productivity of labour to capital - substitution effect 
£3,000 subsidy for hiring unemployed 18-24 y.o. = half UK's youth minimum wage 
 
 
Factors influencing supply of labour 
Cost of living 
 
Cost of gaining skills 
UK uni fees capped at £9,250 per year 
 
Number of workers 
UK raises state pension age from 67 to 68 
 
 
Market failures in labour markets 
Geograph...
Production Possibility Frontier 
 
 
Supply and demand diagram showing equilibrium 
 
 
Supply and demand surplus 
 
 
Increase in demand 
 
 
Decrease in demand 
 
 
Increase in supply 
 
 
Decrease in supply 
 
 
Consumer surplus 
 
 
Producer surplus 
 
 
Inelastic demand 
 
 
Elastic demand 
 
 
Unitary elastic demand 
 
 
Perfectly elastic demand 
 
 
Perfectly inelastic demand 
 
 
Inelastic supply 
 
 
Elastic supply 
 
 
Substitutes diagram 
 
 
Ad valorem tax 
 
 
Tax diagram 
 
 
Subsi...
Macroeconomics 
The study of the economy as a whole, including inflation, growth and unemployment. 
 
 
 
Aggregate demand 
The total of all demands or expenditures in the economy at any given price. 
 
 
 
Aggregate demand curve 
Shows the relationship between the price level and equilibrium national income. As the price level rises the equilibrium level of national income falls. 
 
 
 
Animal spirits 
Business confidence: the mood of managers and owners of firms about the future of their indus...
Microeconomics 
The study of individuals, markets, firms and industries. Focuses on the details of small-scale components within the economy. 
 
 
Macroeconomics 
The study of whole economic systems: national economies and the global economy. Looks at the whole economy on a large scale. 
 
 
Standards of Living (SoL) 
The quality of life enjoyed by people. This comprises material aspects (i.e. how much people are getting of the things they want and need), and non-material aspects (i.e. how healt...
scarce resources 
resources that are limited or finite 
 
 
 
opportunity cost 
the value of the next best alternative forgone 
 
 
 
economic problem 
resources are scarce but wants are unlimited 
 
 
 
production possibility frontier 
a diagram that shows all the combinations of two goods that can be produced when all factors of production are being used 
 
 
 
normative statement 
an economic statement based on a value judgement and therefore cannot be tested 
 
 
 
positive statement 
an eco...
Backwards vertical integration 
a joining together into one firm of two or more firms where the purchaser merges with/takes over one or more of its suppliers 
 
 
 
Conglomerate integration 
a joining together into one firm of two or more firms producing unrelated products 
 
 
 
Demerger 
when a firm splits into two or more independent businesses 
 
 
 
Divorce of ownership from control 
when managers and directors of a business are different from the owners of a business (the shareholders) 
 
...
Economics 
The study of the allocation of scarce resources. 
 
 
 
Economic Goods 
Resources that are scarce. 
 
 
 
Short Run 
A time period where at least one factor of production is fixed. 
 
 
 
Long Run 
A time period where all factors of production are variable. 
 
 
 
Productivity 
The output per unit of input. 
 
 
 
The Economic Problem 
Resources are scarce but wants are infinite. 
 
 
 
Scarcity 
The world's resources are limited, there are only limited amounts of land, water, oil, f...