Grade 11
Economics
0/6 Topics completed
Micro
- 01Factors of productionThe factors of production are land, labour, capital and entrepreneurship, and their rewards are rent, wages, interest and profit.
- 04Dynamics of marketsThe price mechanism rations goods. Ceteris paribus means other things stay equal, a change in the good's own price causes a movement along a curve, and other factors shift the curve.
- 05Price elasticityPrice elasticity of demand measures how strongly quantity demanded responds to a price change. Necessities with few substitutes are inelastic, and a single brand with many substitutes is elastic.
Macro
- 02Circular flow and quantitative elementsIn an open economy, injections are investment, government spending and exports, and leakages are savings, taxes and imports.
- 06Economic growth and the public sectorEconomic growth is a rise in output, economic development is a broader improvement in how people live, and government action aimed at that gap can fail.