Included in the PowerPoint: a) Scarcity, Choice and Opportunity Cost - The Fundamental Economic Problem - The Meaning of Scarcity and the inevitability of choices at all levels (individual, firms, govt)- The basic questions of what will be produced ow and for whom - The Meaning of the term «Ceteris Paribus» - The Margin and Decision Making at the Margin - Sort run, long run, very long run b) Positive and Normative Statements - the distinction between fact and value judgements c) Factors of Production - the rewards to the factors of production: land, labour, capital and enterprise - Specialization and division of labour d) Resource Allocation in Different Economic
Systems and Issues of Transition - decision making in market, planned and mixed economies - the role of the factor enterprise in a
modern economy e) Production Possibility Curves - shape and shifts of the curve - constant and increasing opportunity costs f) Money - functions and characteristics in a
modern economy - barter, cash and bank deposits, cheques, near money, liquidity g) Classification of Goods and Services - free goods, private goods (economic goods) and public goods - merit goods and demerit goods as the outcome of imperfect information by consumers PowerPoint Also Includes: - Key Terms for each Chapter - Activities - Multiple Choice and Essay questions from past
exam papers.
Similarly, UK business leaders have accused the British education
system of being little more than an
exam factory that leaves young people without the skills they need to function in the
modern workplace.