Browse subjects Ekonomi › Introduction to Economics
This is the free sample — view-only. Unlock the subject to print on A4.
Form 4 · Ekonomi · iSchool.myChapter 1:Introduction toEconomicsBasic economicproblemUnlimited wantsLimited resourcesScarcity forces choiceChoice createsopportunity costFactors of productionLand → rentLabour → wagesCapital → interestEntrepreneur → profitBasic economicquestionsWhat to produce?How to produce?For whom to produce?Economic systemsFree-market economyPlanned economyMixed economyIslamic economyprinciplesOpportunity costFormula: next bestalternative forgoneWorked example: schoolchooses computer lab instead of sports courtChoice = computer labForgone alternative =sports courtOpportunity cost =benefits of the sports courtProduction possibilitycurvePoints on curve:efficientInside curve:unemployment/inefficiencyOutside curve:currently unattainableOutward shift:economic growth