Ppfs - Study guides, Class notes & Summaries

Provides a concise summary of all the essential information needed for the topic

Economics is the study of how society manages its scarce resources. This includes studying how people make decisions and interact with one another, and the effects this has on the economy as a whole. The opportunity cost of an item is what you give up to get that item. In this case, the opportunity cost of going to a movie includes both the total cash expenditure needed to go to the movie plus the value of the time you gave up in order to watch the movie. Economists use the term margin...

An A3 mindmap, summarising the key points from Theme 1 Section 1 of Edexcel's A level economics syllabus. Although it is comprehensive to Edexcel, the mindmap provides good knowledge and covers a lot of other exam boards' content too! Perfect for last minute revision or active recall.

ECON 2001-1 Week 3 MidTerm Grade Details1.Question: In the Dornbusch-Fischer-Samuelson graph above, a uniform improvement in labor productivity in all the home country's industries would shift the A schedule and would lead to the export of a number of goods by the home country. Your Answer: upward; greater CORRECT upward; smaller downward; greater downward; smaller Points Received:2 of 2 Comments: 2. Question: The following Classical-type table shows the number of days of labor in...

ECON 2001-1 Week 3 MidTerm Grade Details1.Question: In the Dornbusch-Fischer-Samuelson graph above, a uniform improvement in labor productivity in all the home country's industries would shift the A schedule and would lead to the export of a number of goods by the home country. Your Answer: upward; greater CORRECT upward; smaller downward; greater downward; smaller Points Received:2 of 2 Comments: 2. Question: The following Classical-type table shows the number of days of labor in...

1.1 Notes - Nature of Economics - Micro Basics, PPFs, Specialisation and the Division of Labour, Functions of Money

True / False 1. A decrease in unemployment causes the PPF to shift outward (to the right). a. True b. False ANSWER: False 2. The law of increasing opportunity cost results from the varying ability of resources to adapt to the production of different goods and it helps to explain why production possibilities curves are typically bowed outward. a. True b. False ANSWER: True 3. Production possibilities frontiers (PPFs) can shift outward, but they do not shift inwa...