Paper 2 Economics Lecture 01 And 2

Paper 2: Economics Lecture 1: Economic concepts

Agenda ,[object Object],[object Object],[object Object]

Announcements ,[object Object],[object Object],[object Object],[object Object]

Announcements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Announcements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Announcements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Announcements ,[object Object],[object Object],[object Object],[object Object],[object Object]

Announcements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Announcements ,[object Object],[object Object],[object Object]

Lecture: outline ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Lecture: Fundamental concepts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Lecture: Fundamental concepts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Production Possibility Frontier Units of guns Units of butter Go Bo A B G1 B1 ,[object Object],Gm Bm ,[object Object],[object Object],[object Object],[object Object],[object Object]

Production Possibility Frontier Units of guns Units of butter Go Bo A G1 B1 ,[object Object],C ,[object Object],[object Object],[object Object],[object Object],Inefficient use of resource

Lecture: Fundamental concepts (recap) ,[object Object],[object Object],[object Object]

Lecture: Central economic questions ,[object Object],[object Object],[object Object],[object Object],[object Object]

Lecture: Central economic questions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Lecture: Central economic questions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Lecture: Economics as a social science ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Lecture: Economics as a social science ,[object Object],[object Object],[object Object],[object Object]

Lecture: Economics as a social science (recap) ,[object Object],[object Object],[object Object],[object Object]

Lecture: Methods of organizing an economy ,[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Lecture: Methods of organizing an economy

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Lecture: Methods of organizing an economy

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Lecture: Methods of organizing an economy

[object Object],[object Object],[object Object],[object Object],[object Object],Lecture: Methods of organizing an economy

Lecture: Entrepreneurship ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Lecture: Nature of profit ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Lecture: Nature of profit ,[object Object],-5 0 100 Net economic (normal) profit/loss 50 50 50 6 6 6 Risk premium 4 4 4 Rental value of premises used 15 15 15 Interest on capital tied up 25 25 25 Current salary 45 50 150 Annual accounting profit 195 200 350 Annual costs 240 250 500 Annual sales £'000 £'000 £'000 Example 3 Example 2 Example 1

Lecture: Nature of profit ,[object Object],[object Object]

Lecture: outline (recap) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Time to test yourself! How far can you expand the concept when you look at this outline?

Lecture: outline (recap) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],E.g. If we look at the first one… Scarcity of resource and unlimited wants  Choose  Opportunity cost  Efficiency (allocative and technical)

Reading ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Paper 2 Economics Lecture 01 And 2

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Paper 2 Economics Lecture 01 And 2