economics

economics

1. needs/wants

2. services

3. goods

   • bread
     • Natural
       • oil
       • water
       • sugar
       • flour
     • Labour
       • baker
       • pastry cook
     • Capital
       • oven
       • mixer
   • T-shirt
     • Natural
       • cotton
       • wool
       • fabric
     • Labour
       • designer
       • factory worker
     • Capital
       • Jenny
       • sewing machine
   • Doctors consultation
     • Natural
       • cotton
       • string
     • Labour
       • doctor
       • nurse
     • Capital
       • treatment
         • machine
         • medicine
       • band-aid

4. resourses

   • land
     • image
   • labour
     • worker
   • capital
   • enterpreneurial

5. PPF---Production Possibility Frontier

   • opportunity cost
   • To enlarge the amount of one source
     • cut the number of another source
     • add a few quantites for the sum

6. Equilibrium

   • a market condition that occurs at any price for which the quantity demanded (Qd) and the quantity supplied (Qs) are equal.

7. Market disequilibrium

   • any market situation where quantities supplied and demanded are not equal. I.e. shortage or a surplus

8. Price Mechanism

   • the system we have learnt about whereby changes in demand and supply leading to market disequilibrium will lead to suppliers responding by either raising or lowering the price until a new equilibrium quantity is met.

9. Product markets or Goods markets

   • are where goods and services are traded for money

10. Factor markets

    • Where factors of production are traded.

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