We are now beginning to consider some of the fundamental assumptions which are central to the ’science’ of Economics. We should already understand that utility is a key idea, yet also a very vague term when one we consider how subjective this idea is.
Another key assumption of mainstream Economics is that people behave in a [...]
We first need to recap our understanding of population distribution. Visit this page:
Quick Population Distribution Quiz
And we also need to recap our understanding of the phrase population density:
Quick population Density Quiz
Thanks to http://www.geography.learnontheinternet.co.uk for both of these quizzes.
By the end of this section we will have developed a table to illustrate the different factors affecting [...]
In this section we consider the following concepts as outlined in the IB Economics Syllabus [© International Baccalaureate Organization, 2003] :
Scarcity • factors of production: land, labour, capital and management/entrepreneurship • payments to factors of production: rent, wages, interest, profit (we cover this later on in [...]
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