71582
Description
Mind Map by Javed Hussain, updated more than 1 year ago
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Created by Javed Hussain
over 11 years ago
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resolving scarcity
- all about allocation of a nations scrce rsorces
- basic eo problm
- wht 2 prod
- 4 who 2 prod.
- how 2 prod.
- wht 2 prod
- oppurtunity cost
- value of next best alternative
- shown on ppc
- diifent combination of 2 products an economy van prod. if
all rsources r used up
- trade offs = change in capital/consumer gds
- consumr gsd= prchsed by households e.g food
- captl gds= prchsed by firms and used
2 prod. othr gds e.g machinery/cars
- diifent combination of 2 products an economy van prod. if
all rsources r used up
- value of next best alternative
- ovr timme ppcs rise
- become more efficient
- economic growth
- q. of population
- q. of labour
- q. of population
- become more efficient
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