Basic Economic Problem: The basic economic problem is that there are finite resources and unlimited wants; in other words there…
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Free O Level Economics Revision Notes that will help you in revising for your exams. Also, check out our other helpful revision resources for O Level Economics (2281).
Revision Notes:
- Basic Economic Problem
- Production Possibility Curve
- Allocation Of Resources In Economic Systems
- Characteristics and Functions of Money
- Demand and Supply – How Prices are determined
- Non Price Factors Of Demand
- Non Price Factors Of Supply
- Price Elasticity Of Demand
- Price Elasticity Of Supply
- Usefullness Of Price Elasticity To Producers
- Stock Exchange
- Banking- Central and Commercial Banks
Production Possibility Curve: The following is a curve representing all possible combinations of two goods that can be produced by…
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Resource Allocation Answers Three Questions: What to produce? How to produce? For whom to produce? Economic Systems: How an economy decides,…
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Money: Money is an item which is generally acceptable as a means of payment. Characteristics of Money: General Acceptability: All…
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Prices are determined through the forces of demand and supply of a product or service. Demand: It is the willingness…
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There are various factors other than price that change the Demand of a product or service and hence cause a…
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There are various factors other than price that change the Supply of a product or service and hence cause a…
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Price Elasticity Of Demand, measures the responsiveness of demand to a change in price. The formula used to calculate (PED)…
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Price Elasticity Of Supply, is the measure of the responsiveness of supply to a change in price. The Formula used…
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Knowledge of Price Elasticity would help the producer in many ways while making a decision such as: Pricing Policy: The…
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