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Ekonomi Form 4
› Chapter 1: Introduction to Economics
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Form 4 · Ekonomi · iSchool.my
Chapter 1:
Introduction to
Economics
Basic economic
problem
–
Unlimited wants
Limited resources
Scarcity forces choice
Choice creates
opportunity cost
Factors of production
–
Land → rent
Labour → wages
Capital → interest
Entrepreneur → profit
Basic economic
questions
–
What to produce?
How to produce?
For whom to produce?
Economic systems
–
Free-market economy
Planned economy
Mixed economy
Islamic economy
principles
Opportunity cost
–
Formula: next best
alternative forgone
–
Worked example: school
chooses computer lab instead of sports court
–
Choice = computer lab
Forgone alternative =
sports court
Opportunity cost =
benefits of the sports court
Production possibility
curve
–
Points on curve:
efficient
Inside curve:
unemployment/inefficiency
Outside curve:
currently unattainable
Outward shift:
economic growth