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312: Economic System
313: Command Economy
314: Mixed Economy
315: Public Sector
316: Private Sector
317: Market Definitions
318: Specialization
319: Division of Labour
320: Demand
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311: Depreciation, Investment, Gross investment, Net investment and Entrepreneur defined
Depreciation: when the value of an asset goes down with constant use, because of wearing/tearing
Investment: the getting of more capital goods, an increase in number
Gross investment: the value of the..
312: Economic System
Each society has 3 questions to answer (the basic economic questions):
What?
&n..
313: Command Economy
Under this system, planning committees are appointed and they provide the answers to the three basic economic questions
A
most import..
314: Mixed Economy
No
country is either a Command Economy or a Market Economy. They are all a
mixed economy and have a joint sector so they include features of both
the private sector (Market Economy) and the public s..
315: Public Sector
Public Sector:
- is owned and controlled by the government
- run along similar lines as a co..
316: Private Sector
Private Sector:
- is owned and controlled by private individuals or groups of private individuals
- ..
317: Market Definitions
Private cost: the cost for an individual to get a good or service
Private benefit: the benefit of a good or service you bought
Social benefit: the way the production of a good or its consumption affec..
318: Specialization
n some areas of the market, specialization
would be a bad idea as it leads to mass production and the specific
good or service does not have a mass market. Division of labour is
mostly suited for indu..
319: Division of Labour
Advantages:
- More
goods and services can be produced because workers become specialists
in the jobs they do. Repeating the same operation or task..
320: Demand
Demand:
- What you want
- Ability to buy it because have purchasing power (money)
- &nb..
Page 32 of 42
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