Revision Notes
Vocabulary
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Circular Flow Model
A video from the website Economist do it with Models (http://www.economistsdoitwithmodels.com/) presents the concept of the Circular Flow Model breaking it down into two market: the goods and services market & the Factor Market |
Video 1 - Scarcity and Choice |
Scarcity, Choice and the Factors of Production
These two videos from the MJMfoodie youtube for Microeconomics channel (https://www.youtube.com/playlist?list=PL336C870BEAD3B58B) will help with Part B of your workbook. |
Video 2 - Resources |
Video 3 - Microeconomics vs. Macroeconomics
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Video 4 - Positive vs. Normative Statements
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Video 5 - Opportunity Cost |
Opportunity Cost
A good video to help explain Part C in your workbook. Provides a brief explanation of Opportunity Cost. (https://www.youtube.com/playlist?list=PL336C870BEAD3B58B) Is there such a thing as a free lunch? Remember cost do not necessarily mean monetary costs! |
Video 6 - Production Possibility CurveVideo 8 - Production Possibility Curve |
Production Possibility Frontier
links provide an overview of the PPF. (https://www.youtube.com/watch?v=6LIuLAu-KNs)
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Video 7 - Production Possibility CurveVideo 9 - PPC & Increasing Opportunity Cost |