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Year 11 Economics Notes Covering all Dot Points

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These preliminary HSC economics notes cover all dot points and topics including: 1) Introduction to Economics 2)Customers and Businesses 3)Markets 4)Labor Markets 5)Financial Markets 6) Government Intervention in the Economy

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26 Pages Complete Study Notes > 2 Years old
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5 Ex Credits


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Topics this document covers:
Consumer theory Capitalism Market socialism Factors of production Demand Microeconomics Economics Macroeconomics Labour economics Inflation Economic equilibrium Supply Keynesian economics Tax
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:
Consumer theory Capitalism Market socialism Factors of production Demand Microeconomics Economics Macroeconomics Labour economics Inflation Economic equilibrium Supply Keynesian economics Tax
Sample Text:
e. land, labour, capital and enterprise) in comparison to unlimited needs and wants, this is known as scarcity. • This forces questions to be asked of: ➢ What to produce ➢ How much to produce ➢ How to produce ➢ How to distribute Income for factors of production • Labour = Wages • Land = Rent • Capital = Interest • Enterprise = Profit Needs and Wants • Basic wants – needs that you can survive without but have poor living standards without them e.g. shelter • Recurring wants – needs e.g. food • Substitute wants – wants that are interchangeable e.g. buying a second hand car rather than a first hand car • Luxury wants – desires for goods and services which satisfy...
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