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Full Prelim Economics Notes

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Preliminary Topic One - Intro to Economics Preliminary Topic Two - Consumers and Businesses Preliminary Topic Three - Markets Preliminary Topic Four - Labour Markets Preliminary Topic Five - Financial Markets Preliminary Topic Six - Government and the Economy

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22 Pages Complete Study Notes < 1 Year old
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Topics this document covers:
Economy Economics Business economics Market structure Factors of production Market Demand Capitalism Circular flow of income Factor market Supply and demand Macroeconomics
This is a Complete Set of Study Notes

Complete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics.

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Topics this document covers:
Economy Economics Business economics Market structure Factors of production Market Demand Capitalism Circular flow of income Factor market Supply and demand Macroeconomics
Sample Text:
Ex. Local Gov: Parks, Libraries. State Gov: Schools, Hospitals. Federal Gov: defence force. Key economic issue: - What to produce An economy must make a choice on what it wants to satisfy based of preferences to maximise utility - How much to produce Consumer demand & resource availability Supply should equal demand to achieve the most efficient allocation of resources. - How to produce Decide how to allocate resource in the production process depends on resource availability and current state of technology. In a market economy, produced are guided by the incentive of profit maximisation, therefore minimizing production costs (economies of scale). - How to distribute: In market economies, each personâ€...
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