Topic # | Topic | Outcome |
1.1 | The economic problem | Define the nature of the economic problem in terms of the conflict between: • finite resources and • unlimited wants |
1.2 | The factors of production | Define the four factors of production: • land • labour • capital • enterprise |
1.3 | Opportunity cost | • Define the concept of opportunity cost • Analyse particular circumstances to illustrate the concept |
1.4 | Production possibility curves | Demonstrate how production possibility curves can be used to illustrate choice and resource allocation |
1.5 | The implications of courses of action | Evaluate the implications of particular courses of action in terms of: • opportunity cost |
