Unit 1 PPT with worked examples to follow
1.3 Factors of production
1.3.1 nature and definition of factors of production: land, labour, capital and enterprise
1.3.2 difference between human capital and physical capital
1.3.3 rewards to the factors of production
1.3.4 division of labour and specialisation
1.3.5 role of the entrepreneur in contemporary economies: risk and organisation of the other factors of production
1.4 Resource allocation in different economic systems
1.4.1 decision-making in market, planned and mixed economies
1.4.2 resource allocation in these economic systems
1.5 Production possibility curves
1.5.1 nature and meaning of a production possibility curve (PPC)
1.5.2 shape of the PPC: constant and increasing opportunity costs
1.5.3 causes and consequences of shifts in a PPC
1.5.4 significance of a position within a PPC
1.6 Classification of goods and services
1.6.1 nature and definition of free goods and private goods (economic goods)
1.6.2 nature and definition of public goods
1.6.3 nature and definition of merit goods: under-consumption as a result of imperfect information in the market
1.6.4 nature and definition of demerit goods: over-consumption as a result of imperfect information in the market
Get this resource as part of a bundle and save up to 47%
A bundle is a package of resources grouped together to teach a particular topic, or a series of lessons, in one place.
Something went wrong, please try again later.
This resource hasn't been reviewed yet
To ensure quality for our reviews, only customers who have purchased this resource can review it
to let us know if it violates our terms and conditions.
Our customer service team will review your report and will be in touch.
£5.00