Foreign Educator Teaching System

Tag: economics

  • Economics as a subject

    Economics is a subject which is being studied by students all over the world. Students usually start studying economics in high school. In the beginning it can be very hard with all the terms and graphs, but once you get familiar with terms and graphs economics becomes interesting. Whether you agree or not most of…

  • Conserving resources

    Conserving resources versus using resources Factors The need for money The standard of living Opportunity to earn money because of global demand of products Comparative advantage   Public expenditure versus Private expenditure Public expenditure The government does not exploit resources and maintains sustainability Private expenditure The private companies exploit the resources to earn maximum profit…

  • Private cost and Social cost

    Private costs and social costs Private costs + external costs = social costs Private benefits + external benefits = social benefits

  • Disadvantages of mixed economy

    Disadvantages of mixed system It consists of the disadvantages of private sector and government Unnecessary government interference Government monopolies’ Private sector monopoly Wasteful resources

  • Advantages of Planned economy

    Advantages of Planned system Wasteful competition is avoided Goods and services like health and education are provided Even distribution of income

  • Example Opportunity cost

    Situations Ali can buy a ball or a pen. He decides to buy the pen. The opportunity cost of buying the pen is ball. Rahul can buy a 1 cd or a burger meal. He decides to buy 1 cd. The opportunity cost of buying 1 cd is burger meal The government of china can…

  • Enterprise-factor of production

    Enterprise The people who bring the other 3 factors of production together to produce goods and services are called entrepreneur. In this process they do the decision making and risk taking.

  • Land-factor of production

    Land Natural occurring resources used for production purpose   Examples: Earth on which mills are built Water in which fish is found Raw materials used to produce goods  

  • Nature of the economic problem

    Nature of the economic problem The fundamental economic problem arises due to scarcity Scarcity is when there are insufficient resources to satisfy everyone’s wants and needs Finite resources and unlimited wants

  • What is e-commerce?

    E-commerce E commerce is buying and selling of goods and services through internet The concept of e-commerce is about using the Internet to do business efficiently Eg. amazon.com, ebay.com