ECO 1013: CLASS RELECTION WEEK 1

Assalamualaikum guys
So week 1 just ended and what i've learned 

CHAPTER 1: ECONOMY ISSUES

DEFINITION

1. Economy study the behavior in allocating and distributing limited resources to fulfill unlimited demands.
2. Microeconomics study of small units of economy which focuses on price and quantity
3. Macroeconomics study of entire economy in the country including inflation and unemployment

POSITIVE VS NEGATIVE ECONOMIC STATEMENTS

1. Positive eco statement based on facts and not value judgement. Can be verified and tested.
2. Negative eco statement based on value judgement and personal opinion. Cannot be tested

BASIC ECONOMY CONCEPT

BASIC ECONOMY PROBLEMS

FACTORS OF PRODUCTION
 resources used in the process of making the product

1. Land The quality of land is based on location.
2. Labour Workers that contribute in the production process.
3. Capital Machines, buildings that are used to run the business.
4. Enterpreneurship Individuals that has skill to manage business to produce profit.

PRODUCTION POSSIBILITY CURVE

 Hmm sorry ye guys. Sub topic ni agak complicated untuk diterangkan so bagi kita susun susun dulu bru kita tulis dekat sini ye ~

Thanks for reading !

 P/S : Extra video on PPC Curve