Introduction to Economics and the Economic Problem notes
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This page gathers notes on scarcity, opportunity cost and production possibility frontiers. School students, university students and professional candidates can practise terms and questions, while teachers can find ready-made material. There are over 90 notes, covering school and university study. Pick a note and start exploring.
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- Economics as a Social Science45
- Microeconomics and Macroeconomics48
- Ten Principles of Economics35
- Needs, Wants, Goods and Services29
- Scarcity, Choice and Opportunity Cost240
- Factors of Production and Specialisation105
- Production Possibilities Frontier55
- Economic Systems50
- Economic Activity and the Circular Flow of Income44
- Supply and Demand16
Notes
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Economics - MCQ L1 Intro Econ MCQ - L1 Intro1) All economic questions are about A) how to make money. B) what to produce. C) how to cope with scarcity. D) how to satisfy all our wants. Answer: 2) When an economist talks of scarcity, the econo...
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Section 1 Past Paper Questions 2017 Question 1 Define the term ‘opportunity cost’ (2) List THREE groups that make choices in an economy. (3) With the aid of a diagram, explain how a production possibility frontier shows increasing opportunity cost....
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Basic Economic Terms Basic Economic Terms 1/20/16 Economics – The most efficient use of your resources to accomplish your goals What are your goals? Law of supply and demand- · When the supply of a good or service is scarce and wanted by ...
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Economics - Module 1 - Unit 1 & 2 Module 1 Unit 1: The Economic problem The basic economic problem The basic economic problem is scarcity. The basic cause of this problem is limited resources but unlimited wants. The basic economic problem can be illu...
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Economics Notes Economic IssuesOverviewMain points:- Three central questions economics answers- What is economics?- Fundamental concepts if economicsFundamental Questions:In the first half of this course, you will learn a model that ...
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Intro to Econ INTRODUCTION TO ECONOMICS DEFINITIONSEconomics: The study of people and their economic decisions and interactions with one another. ex) Economics can be an 18 year-old girl deciding whether or not to go to college or ...
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Specialization and Trade SPECIALIZATION AND TRADE DEFINITIONSThere has been a sustained progression of humankind's wellbeing since the industrial revolution. This is measured by standards of living, child mortality, income per capita and a nu...
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Commerce. Commerce. Want: Something you would like to have but don’t need in order to survive. Need: Things we must have in order to survive. Scarcity: Our means (time, money, skills) are limited while our wants are...
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understanding macroeconomics Philip Mohr Institutute of Marketing Managment ECO101 Chapter 1: Basic Concepts, relationships and issues- What is economics?- Micro vs Macro economics?- The mixed economy- Total production, income and spending in the mixed economy- The relationship between households, f...
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Critical Introduction to Law Lecture 1 Spring Term Critical Introduction to LawAn Introduction to Economic Life What is economic life to (most) sociologists?Actions & interactions production, distribution, exchange & consumption of goods & services motivated by variou...
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Introduction to Economics Microeconomics/Macroeconomics Microeconomics: The study of the economy in individual actors Actors: People, Households, Firms, etc. Studies actors making choices/allocation of scarce resources How they decide t...
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Principles of Economics Principles of Economics: scarce resources = trade off people respond to incentives voluntary trade (free trade) can make everybody better off markets are good way to organize economic activity Government can sometimes...
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Topic 1: Basics of Economics - created from Mind Map 1. What is Economics? Economics is the study of how humans use limited resources to satisfy unlimited wants. This is because of scarce resources. Because of scarce resources, producers must ultilise the factors of pro...
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Economics as a Social Science Economics - The Science The economist shas to gather data where many variables are changing over any given period of time. Sometimes it is argued that economics cannot be a science as it studies the behavior of humans...
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THE ECONOMIC PROBLEM PRODUCTION POSSIBILITY FRONTIER Shows the maximum output combination of two goods or services an economy can achieve when all resources are fully and efficiently employed Reallocating scarce resources from one p...
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GoConqr OriginalIntroduction to Economics and the Economic Problem notes
These user-made notes offer several ways into the unit. Basic Economic Terms introduces terms including supply and demand, while Introduction to Economics distinguishes microeconomics from macroeconomics. Other notes cover scarcity, factors of production and production possibility curves.
How to use the notes
Start with Basic Economic Terms if you want a short list of ideas to work through. Read a term, cover its definition and try to explain it in your own words. Then use Section 1 Past Paper Questions to practise defining opportunity cost and explaining a production possibility frontier with a diagram.
If a term is hard to remember, switch to flashcards on the unit page. A mind map can help you review connections between ideas, while a quiz gives you a different way to check your recall. Choose a set of notes that matches the topic you want to revise.
Frequently asked questions
Which notes should I start with?
Start with Basic Economic Terms if you want to review definitions, including supply and demand. For a broader introduction, Introduction to Economics separates microeconomics from macroeconomics. Section 1 Past Paper Questions is a useful next step when you want to practise answering questions.
Are these notes free to use?
Yes. Every note listed here is free to open and study without an account. The resources were made by GoConqr users. A free account also lets you save quiz scores and make your own quizzes, mind maps, flashcards and notes.
Which levels do these notes suit?
The collection includes material for school and university study, with more of the resources at school level. The listed resources mention exams including GCSE Economics and A-level Economics. School students, university students and professional candidates can use the notes to review terms and practise questions; teachers can find ready-made material.