69 days ago by James Penstone

Our eventual aim of this learning session is to understand (and know ‘like the backs of our hands’) the following diagram: Cost Curves Graph First we need to understand the difference between fixed and variable costs. This video by MJM Foodie handles this well: This is a very good interactive exerci ...

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125 days ago by James Penstone

[Source: flickr.com Image by sludgegulper Some rights reserved ] According to the International Monetary Fund (2000) the following economies can be categorised as making the transition from command to free market economies in recent history. Transition economies in Europe and the former Soviet Union ...

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133 days ago by James Penstone

[Source: flickr.com Image by Concrete Forms Some rights reserved ] All economies need to answer the three basic questions which result from the fact of scarcity: What to produce How to produce For whom to produce For a market economy, we need to research the following: a) How it works – how does it ...

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139 days ago by James Penstone

Image by bobster855 (flickr.com Some rights reserved ) All economies need to answer the three basic questions which result from the fact of scarcity: What to produce How to produce For whom to produce For a planned economy, we need to reserach the following: a) How it works – how does it anser the t ...

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153 days ago by James Penstone

The PPF http://en.wikipedia.org/wiki/File:Ppf_small.png These can sometimes be referred to as Production Possibility Curves (PPCs), to reflect their shape. Frontier is a better word to use … you will need to think about what it is that the term frontier implies. This session assumes you have a basic ...

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163 days ago by James Penstone

We are now beginning to consider some of the fundamental assumptions which are central to the ’science’ of Economics. We should already understand that utility is a key idea, yet also a very vague term when one we consider how subjective this idea is. Another key assumption of mainstream Economics i ...

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174 days ago by James Penstone

In this section we consider the following concepts as outlined in the IB Economics Syllabus [© International Baccalaureate Organization, 2003] : ‘Scarcity • factors of production: land, labour, capital and management/entrepreneurship • payments to factors of production: rent, wages, interest, profit ...

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256 days ago by ahewat

The Environmental Protection Agency (EPA) is being accused by an environmental group (WildEarth Guardians’) in the United States of neglecting the public’s health by failing to decrease air pollution. The WildEarth Guardians’ accusations come from a 2005 investigation which found that all 50 states ...

ZIS Economists - welkerswikinomics.com/students · 1 reference