nature of economicss

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1.1 Nature of Economics Package - Edexcel Economics A

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1.1 Nature of Economics Package - Edexcel Economics A
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November 2022
1.1 Nature of Economics Package - Edexcel Economics A 1.1.1 -Economics as a social science 1.1.2 Positive and normative economic statements 1.1.3 The economic problem 1.1.4 Production possibility frontiers 1.1.5 Specialisation and the division of labour 1.1.6 Free market economies, mixed economy and command economy
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1.1.6 Free Market economies, Mixed Economy and command economy. Marx, Smith and Hayek

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1.1.6 Free Market economies, Mixed Economy and command economy. Marx, Smith and Hayek
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Free Market Economy - what it is, advantages and disadvatages, Command Economy - what it is, advatages and disadvantages Mixed Economy - what it is, advatages and disadvantages Economic systems Karl Marx and his beliefes Adam Smith and his beliefes Friedrich Hayek and his beliefes
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1.1.5 Specialisation and the Division of labour - Edexcel economics notes

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1.1.5 Specialisation and the Division of labour - Edexcel economics notes
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Specialisation, Division of Labour, Advantages and disadvantages of division of labour both for the employer and the employee. Characteristics of money Functions of money: Medium of exchange, Measure of value, Store of value, Method of deferred payment Forms of money
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1.1.4 Production possibility frontiers

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1.1.4 Production possibility frontiers
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PPF graphs and what they show including opportunity cost and straight line PPF graphs
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1.1.3 The economic problem

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1.1.3 The economic problem
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The main economic problem, types of resoruces - renewable and non renewable, opportunity cost, factors of production
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1.1.2 Positive and normative economic statements

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1.1.2 Positive and normative economic statements
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Positive and normative statements
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1.1.1 Economics as a social science

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1.1.1 Economics as a social science
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November 2022

2022/2023
Cetris paribus explanation
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