Sample Production Possibilities Frontier (PPF)

Draw a sample production possibilities frontier and explain the characteristics of each zone.

Efficiency and employment

Describe and point efficiency and employment by using production possibilities frontier (ppf).

Opportunity cost

What is opportunity cost? Demonstrate it on a production possibilities frontier (ppf).

Growth of economy

Explain the growth of economy. In which direction the production possibilities frontier shifts when economy grows?

The differences between the four market structures

List and explain the four different market structures.

Economic System Defined

What is an economic system? How do economic systems differ?

The difference between a market economy and capitalism

Explain a market economy and capitalism. List and explain the characteristics of capitalism.

Understanding the circular flow model

Explain the characteristics of the business and household unit of the model.

Simple circular flow model

Define and draw the chart of simple circular flow model.

Individual markets, demand and supply, law of demand, determinants of demand

Explain demand and supply. What is the law of demand? What are the determinants of demand?