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In mixed economy, both the individual and the government owns the resources and makes the decision
The government will set laws, rules and provide key services.

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The individuals in a market economy system owns resources privately. The individuals and firms make decision.
To help in their decision-making process, the firm would look at market prices or price mechanism
To decide what to produce, the firm will produce goods that can be sold at a higher price. (To get more profit)
The cheaper method would be used to produce the outputs (To incur lesser expenses)
Lastly, the goods will be produced for those who can pay

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A type of economic system where the government owns all resources and makes all decision.
e.g. North Korea

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A graph that shows the maximum combinations of 2 outputs an economy can produce (in a fixed period of time) given that they fully utilised their available resource and technology
The PPC make use of the principle that if we want to produce more goods A, we have to produce less goods B to cope with limited resources.
When drawing the PPC, we assume that the amount of resources available is fixed, utilised and that the resources can produce both goods. Technology is fixed in the process as well
Points below the curve is not desirable because it shows that the resources are not fully utilised.
Points above the curve is unattainnable because the curve shows the maximum amount of output we can produced based on the current amount of resource and technology. (We cannot go beyond the maximum based on the amount of resources and technology available)
A movement from one point to another illustrates the opportunity cost. For example, if we want to produce 10 more Goods A, the reduction of the amount of Goods B we can produce is the opportunity cost.
The curve can only shift to the right if technology improves and/or if we have more resources

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Due to scarcity, a sacrifice must be made in order to answer these 3 questions
In economics, the sacrifice made is called opportunity cost.
i.e. an opportunity cost is the value of the best alternative sacrificed for a chosen alternative
Explicit costs are sacrifice that involves money
Implicit costs are sacrifice that do not involve money

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The income of the people determines whether or not they get to use the goods and services.
People earn their income by making use of the factors of production they own.
Land earns rent, labour earns wages, capital earns interest and entrepreneurship earns profit

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"How" refers to the method used to produce the goods
Goods and services are produced using resources or inputs known as "factors of production"
4 types, land, labour, capital and entrepreneurship
Land are natural resources (not restricted to physical land itself)
Labour are work efforts that people used to produce goods and services (Not restricted to physical effort only)
Capital are tools, instruments, machines, buildings and other man-made constructions that can be used to produce goods and services (Money is not counted because it cannot produce goods and services)
Entrepreneurship is human resources that organises labour, land and capital

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"What" refers to the types of goods and services to be produced as well as the quantity to be produced
Due to scarcity, if we want to produce more Goods A, we have to produce less Goods B to cope with the limited resource we have

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3 fundamental economic questions on choice

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3 fundamental economic questions on choice

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What to produce?
How to produce?
For whom to produce?

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Scarcity is caused by our unlimited wants and the limited resources we have

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Microeconomics focuses on the choice and decision made by individuals and businesses. Macroeconomics focuses on the performance of the economy as a whole (national or global)
Key highlights of Microeconomics includes studying how a business decide what to produce, what price do they sell the goods and how the business spends their money
For Macroeconomics, the key highlight include studying the output of a country, general price level in the country and the spending rate of the country

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The social science that studies the choices that individuals, businesses, governments and society make as they cope with scarcity and the incentives that influence those choice