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Econ Class 8 - Revision

[ ] What is economics and why you should study it
[ ] Importance of economics in understanding everyday activity, personally and for society
[ ] Explain basic economic problem
[ ] Explain the concept of Scarcity / choice / opportunity cost
[ ] Construct and use PPF to explain the basic economic problem
[ ] Purpose of the 4 economic questions
- What to produce
- How to produce
- How much to produce
- For whom to produce
[ ] Define each Factors of production with examples
- Land
- Labour
- Capital
- Enterprise
[ ] Explain purpose of economic systems
[ ] Differentiate between different economic systems
[ ] Compare the strengths and weaknesses of each economic system
- Market
- Mixed
- Planned
- Socialism
- Communism
- Capitalism
[ ] Define and describe each of the economic theories/ideas
- Classical (Adam Smith)
- Keynesian
- Supply Side
- Monetarism