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Hi all. First day of uni was meh :/ how are the new freshers finding it
Original post by Secretnerd123
Hi all. First day of uni was meh :/ how are the new freshers finding it
Ooo you are uni student now! How was it
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Original post by Secretnerd123
Hi all. First day of uni was meh :/ how are the new freshers finding it
OMG how was it hun, I have not even started yet lool
Original post by DarkMystryXxX
OMG how was it hun, I have not even started yet lool
it wasn't as good as i thought it's be. hopefully it will be better tomorrow inshaAllah
Original post by Secretnerd123
Hi all. First day of uni was meh :/ how are the new freshers finding it
University is hella over rated.
Original post by Anonynous
University is hella over rated.
KAAEE.
Help me please.
Can you explain PPF/C diagrams and the how opportunity cost, scarcity, trade offs effect it.
Please.
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Hi everybadyyyyy i'm new here (or am I) so welcome me.
Original post by Secretnerd123
it wasn't as good as i thought it's be. hopefully it will be better tomorrow inshaAllah
In Sha Allah hun
Aww I have not even started yet, so I have no clue how it will be like. Original post by Aniga
Hi everybadyyyyy i'm new here (or am I) so welcome me.
Salaam
how are you?Original post by DarkMystryXxX
Salaam how are you?
how are you?Not too bad. And yourself?
Original post by missfats
KAAEE.
Help me please.
Can you explain PPF/C diagrams and the how opportunity cost, scarcity, trade offs effect it.
Please.
Posted from TSR Mobile
Help me please.
Can you explain PPF/C diagrams and the how opportunity cost, scarcity, trade offs effect it.
Please.
Posted from TSR Mobile
Production Possibility Fronteir... Oh the days :P
It shows the maximum optimal output of the economy, given under the assumption that all the variable inputting factors are operating at maximum efficiency. This relates to the Factors of Production (Land, Labour, Capital & Enterprise).
The PPF = LRAS essentially, showing the maximum possible output a company is able to produce at.
Because the PPF shows the maximum, let's take two variables to simplify what it's trying to show.
Let's assume an entire economy only produces motorbikes and cars. We can associate the X axis with Cars and the Y axis with motorbikes. Now the PPF is showing what the economy can produce with all its factors of production employed.. thus we can assume, if we are to produce at Point C on the curve we will produce C1 cars and C2 motorbikes, as illustrated.
Now.. if an economy realises there's more money to be made by producing motorbikes, they may decide to distribute the available factors of production towards motorbike manufacturing. This is illustrated by the movement from C->B on the curve. Thus an economy will now only produce B1 amount of cars but B2 amount of motorbikes. I think by now you understand the foundational concept.
To produce more of one thing, you have to give up the other if all factors are operating at their maximum efficiency. This shows an opportunity cost, as whoever runs this particular economy would have to make a decision as to whether to maintain production at current levels or produce more of one thing in sacrifice of another.
It resembles scarcity in the fact that there's limited input. There are only a finite number of resources (factors of production: Land, Labour, Capital, Enterprise) in which to work with. So allocating those resources efficiently is vital to the success of an economy.
The trade-off in this instance would be.. should we manufacture more cars? more motorbikes? or maintain current levels?
If you want I can briefly explain how the PPF can shift out, as we just talked about movement along the curves for your question.
If there's anything more you require explaining, don't hesititate to hit me up
Original post by Anonynous
Production Possibility Fronteir... Oh the days :P
It shows the maximum optimal output of the economy, given under the assumption that all the variable inputting factors are operating at maximum efficiency. This relates to the Factors of Production (Land, Labour, Capital & Enterprise).
The PPF = LRAS essentially, showing the maximum possible output a company is able to produce at.
Because the PPF shows the maximum, let's take two variables to simplify what it's trying to show.
Let's assume an entire economy only produces motorbikes and cars. We can associate the X axis with Cars and the Y axis with motorbikes. Now the PPF is showing what the economy can produce with all its factors of production employed.. thus we can assume, if we are to produce at Point C on the curve we will produce C1 cars and C2 motorbikes, as illustrated.
Now.. if an economy realises there's more money to be made by producing motorbikes, they may decide to distribute the available factors of production towards motorbike manufacturing. This is illustrated by the movement from C->B on the curve. Thus an economy will now only produce B1 amount of cars but B2 amount of motorbikes. I think by now you understand the foundational concept.
To produce more of one thing, you have to give up the other if all factors are operating at their maximum efficiency. This shows an opportunity cost, as whoever runs this particular economy would have to make a decision as to whether to maintain production at current levels or produce more of one thing in sacrifice of another.
It resembles scarcity in the fact that there's limited input. There are only a finite number of resources (factors of production: Land, Labour, Capital, Enterprise) in which to work with. So allocating those resources efficiently is vital to the success of an economy.
The trade-off in this instance would be.. should we manufacture more cars? more motorbikes? or maintain current levels?
If you want I can briefly explain how the PPF can shift out, as we just talked about movement along the curves for your question.
If there's anything more you require explaining, don't hesititate to hit me up
It shows the maximum optimal output of the economy, given under the assumption that all the variable inputting factors are operating at maximum efficiency. This relates to the Factors of Production (Land, Labour, Capital & Enterprise).
The PPF = LRAS essentially, showing the maximum possible output a company is able to produce at.
Because the PPF shows the maximum, let's take two variables to simplify what it's trying to show.
Let's assume an entire economy only produces motorbikes and cars. We can associate the X axis with Cars and the Y axis with motorbikes. Now the PPF is showing what the economy can produce with all its factors of production employed.. thus we can assume, if we are to produce at Point C on the curve we will produce C1 cars and C2 motorbikes, as illustrated.
Now.. if an economy realises there's more money to be made by producing motorbikes, they may decide to distribute the available factors of production towards motorbike manufacturing. This is illustrated by the movement from C->B on the curve. Thus an economy will now only produce B1 amount of cars but B2 amount of motorbikes. I think by now you understand the foundational concept.
To produce more of one thing, you have to give up the other if all factors are operating at their maximum efficiency. This shows an opportunity cost, as whoever runs this particular economy would have to make a decision as to whether to maintain production at current levels or produce more of one thing in sacrifice of another.
It resembles scarcity in the fact that there's limited input. There are only a finite number of resources (factors of production: Land, Labour, Capital, Enterprise) in which to work with. So allocating those resources efficiently is vital to the success of an economy.
The trade-off in this instance would be.. should we manufacture more cars? more motorbikes? or maintain current levels?
If you want I can briefly explain how the PPF can shift out, as we just talked about movement along the curves for your question.
If there's anything more you require explaining, don't hesititate to hit me up
Yaaaaaas! Omg I am buzzing! I actually do understand it now properly!! Thank you so much kar!
I just love economics so far! So interesting.
I would definitely make sure.
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Original post by missfats
Yaaaaaas! Omg I am buzzing! I actually do understand it now properly!! Thank you so much kar!
I just love economics so far! So interesting.
I would definitely make sure.
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I just love economics so far! So interesting.
I would definitely make sure.
Posted from TSR Mobile
Glad to be of service
It's an amazing subject, you'll love it.
Original post by Anonynous
Glad to be of service
It's an amazing subject, you'll love it.
It's an amazing subject, you'll love it.
Aha yep! Do you have any notes on AS?
Can you please tell me the best revision websites!
I know tutor2u.
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Original post by missfats
Aha yep! Do you have any notes on AS?
Can you please tell me the best revision websites!
I know tutor2u.
Posted from TSR Mobile
Can you please tell me the best revision websites!
I know tutor2u.
Posted from TSR Mobile
Watch PajHolden's videos on Youtube and Economicshelp online is pretty useful. I don't have any AS notes, although I have a fair few for A2.
Original post by Anonynous
Watch PajHolden's videos on Youtube and Economicshelp online is pretty useful. I don't have any AS notes, although I have a fair few for A2.
Username change?
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Original post by Anonynous
Watch PajHolden's videos on Youtube and Economicshelp online is pretty useful. I don't have any AS notes, although I have a fair few for A2.
Watching him now.
I like him
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How is there 100 people on my course but only 3 guys 
Didn't know psychology was so female dominated haha
Joined a somali soc and a few other socs. Woop woop
Didn't know psychology was so female dominated haha
Joined a somali soc and a few other socs. Woop woop
Original post by Anonynous
University is hella over rated.
Yeah freshers is too overrated.
Dont like your new name change btw. You should've chosen something witty
Original post by Anonynous
Watch PajHolden's videos on Youtube and Economicshelp online is pretty useful. I don't have any AS notes, although I have a fair few for A2.
How'd you get your name changed? I kinda want to get mine changed too.
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