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  [Source: http://commons.wikimedia.org/wiki/File:WikiAbb1_1.JPG] These can sometimes be referred to as Production Possibility Curves (PPCs), to reflect their shape. Frontier is a better word to use … you will need to think about what it is that the term frontier implies. This session assumes you have a basic knowledge of PPFs already and points you to [...]

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 the course) Choice • utility: basic definition • [...]

Money can help us place a value on things, but the underlying value of things can be explained by the concept of utility. This podcast explains: Econs for the iPod – Utility We are now beginning to consider some of the fundamental assumptions which are central to the ‘science’ of Economics. We should already understand [...]

[Source: flickr.com Image by sludgegulper Some rights reserved] According to the International Monetary Fund (2000) the following economies can be categorised as making the transition from command to free market economies in recent history. Transition economies in Europe and the former Soviet Union CEE Albania, Bulgaria, Croatia, Czech Republic, FYR Macedonia, Hungary, Poland, Romania, Slovak Republic, [...]

   [Source: flickr.com Image by Concrete Forms Some rights reserved] All economies need to answer the three basic questions which result from the fact of scarcity: What to produce How to produce For whom to produce For a market economy, we need to research the following: a) How it works – how does it answer the [...]

Image by bobster855 (flickr.com Some rights reserved ) All economies need to answer the three basic questions which result from the fact of scarcity: What to produce How to produce For whom to produce For a planned economy, we need to research the following: a) How it works – how does it answer the three [...]