opengecko

Our eventual aim of this learning session is to understand (and know ‘like the backs of our hands’) the following diagram:

First we need to understand the difference between fixed and variable costs. This video by MJM Foodie handles this well:

This is a very good interactive exercise to consolidate your understanding of the different types [...]

[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, [...]

 
 [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 three basic [...]

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 basic questions above?
b) Advantages of this [...]

http://en.wikipedia.org/wiki/File:Ppf_small.png
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 resources to help strengthen [...]

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 [...]

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 [...]