#economics #basicsofeconomics #ppc #4factorofproduction
Basic Info About Economics
Economics focuses on scarcity and how individuals, firms and government make choices in the economy, this is what all economics is about.
The production possibility curve shows about many types of 2 goods being produced using the full potential of the countries resources
The PPC can shift outward when the country has a lot of resources or the productivity of technology has been really good
Countries that have a comparative advantage can specialize in a product of a specific good and can supply many goods with less opportunity cost
4 Factor of production : Labour, land, entrepreneurship and capital
Capital : There are 2 types of capital and they are human capital and physical capital
2 Types Of Economics
Microeconomics : Microeconomics talks about the minute part of economics like private firms or private businesses and about private specific markets
Macroeconomics : Macroeconomics talks about the large part of economics were huge markets and economics of taxes and other government economical issues are discussed about
https://www.youtube.com/watch?v=bgqTkGKTsWE&list=PLD5BC727C84E254E5
avoid putting link..just upload video directly.
How is consumer surplus calculated and what does it represent?
What is the significance of marginal cost and marginal revenue in decision-making?
How do labor markets function in microeconomic theory?
What role do government regulations play in microeconomics?
How do fiscal and monetary policies influence the economy?
What causes economic growth and how is it measured?
What are the effects of inflation on an economy?
How do exchange rates impact international trade?
What is the role of central banks in managing the economy?