Rational Decision Making When analysing markets, a?range of assumptions?are made about the?rationality?of?economic agents involved in the transactions In classical economic theory, the word?...
Free Market, Mixed & Command Economies In order to solve the basic economic problem of?scarcity, economic systems emerge or are created by different economic agents within the economy Th...
Specialisation & The Division of Labour Scotsman?Adam Smith?is often referred to as the 'father of Economics' He published?'The Wealth of Nations'?in March 1776 and explained many fundam...
Production Possibility Frontiers The?Production Possibility Frontiers?(PPF)?model is an?economic model?that considers the?maximum possible production?(output) that a country can generate if ...
The Basic Economic Problem: Scarcity The?basic economic problem?is that resources are?scarce There are?finite resources?available in relation to the?infinite wants and needs?that humans have...
Positive & Normative Statements Positive economics?is concerned with?objective statements?of how a market or an economy works These?positive economic statements?are based on empirical ev...
The Process of Developing Models Economics is a?social science It studies societies and the?human interactions?within those societies Human interactions are complex and are influenced by?man...
Core Practical 16: Preparation of Aspirin This practical covers a number of key laboratory skills use appropriate apparatus to record a range of measurements use water bath or electric heate...
Core Practical 15: Analysis of Inorganic and Organic Unknowns Testing for positive ions Simple test tube reactions can be done to identify the following positive ions: Group 2 ions (M2+) Amm...
