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Economics is not only the study of firms investing and spending money,it is also about making key decisions in order to keep your business running and alive.

There are various contents in economics.However,today I am only going to be talking about the first three contents,The basic economic problem,The allocation of recources and Microeconomic decision makers.

Other contents may include,Government and the macro economy,Economic development and International trade and globalisation.

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What I like/remember best in Economics. 

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What I like/remember best in Economics. 

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The opportunity cost is the next best alternative foregone when making an economic decision

Here we have a perfect example about a girl who has an upcoming exam, she has two options 1. To either study for the exam and recieve an A+ or not to study and recieve an F

If she decides not to study for her exam and recieve a F, then her opportunity cost would be studying for the exam and recieving an A+

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Land : includes all natural resources
Labour : includes all human resources
Capital : includes all man-made resoures
Enterprise : brings all the other factors together to produce a good or service

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Demand is the quantity of a good or service that consumers are willing and able to buy at a given price in a particular time period

Increase in Demand : A rigthward shift in the supply curve showing that a greater quantity is supplied demanded at each price than was previously

Decrease in Demand : A leftward shift in the supply curve showing that a smaller quantity is supplied at each price than was previously

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Supply is the quantity of a good or service that producers are willing and able to supply at a given price in a particular time period

Increase in supply : a rightward shift in the supply curve showing that a greater quantity is supplied at each price than was previously

Decrease in supply : a leftward shift in the supply curve showing that a smaller quantity is supplied at each price than was previously

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The PPC (production possibility curve) shows the maximum possible output for two goods or services with a given amount of resources

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Equilibrium price : the price at which the quantity that buyers want to buy is equal to the quantity that sellers are prepared to sell

This diagram shows an increase in demand

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To understand the reasons for adopting the different forms of production for both Capital and Labour intensive.

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To understand how to define the differences between Economies and Diseconomies of scale and to understand the average cost curve of a firm diagram and learn how to draw it.

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What are my learning aspects for the coming months?

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What are my learning aspects for the coming months?

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To understand the BEP (Where total revenue and Total costs meet) and state the advantages and disadvantages of the BEP.

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To understand the differences between a Horizontal,Vertical and Congolomerate merger and to breable to state the advantages and disadvantages for each of them

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To understand the differences between Privatisation and Nationalisation and to understand the impacts that can be causes by using them.