30 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 ...

opengecko.com - opengecko.com

38 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 ...

opengecko.com - opengecko.com

44 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 ...

opengecko.com - opengecko.com

58 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 ...

opengecko.com - opengecko.com

69 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 ...

opengecko.com - opengecko.com

80 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 ...

opengecko.com - opengecko.com

162 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

165 days ago by Max Spielbichler

Article: http://www.voanews.com/english/archive/2009-03/2009-03-08-voa11.cfm In the Niger Delta, over 60 oil companies have been dumping waste from oil and gas extraction into the Niger Delta, which makes up 77% of Nigeria’s mangrove ecosystem. 1.5 million tons of waste has been dumped into the delt ...

ZIS Economists - welkerswikinomics.com/students · 1 reference

165 days ago by gavinsteinhubl

This article addresses the fact Tuna fishing over the last couple of years has reached a point where it is being massively over produced. This is a prime example of a market failure. A market failure is just when a certain product is either over produced or under produced, which in this case it’s ov ...

ZIS Economists - welkerswikinomics.com/students · 1 reference

166 days ago by welkerswikinomics.com

By Bjorn Borgers, Justus Poeschl and Bjorn Kvaale:

ZIS Economists - welkerswikinomics.com/students · 1 reference