Economics CIE3M, Unit 2, Class 1 Notes
Demand is the quantity of a good or service that buyers are willing to
purchase at various price.
Determining whether or not a person has demand for a product can be
decided by 2 factor:
1. Have desire for a
Economics CIE3M, Unit 4 Poverty, Tax, Distribution
Unit 4 Notes
Poverty (Absolute VS Relative)
-Absolute poverty is like rock bottom, like you have nothing left.
-People living in absolute poverty often lack everyday items (Food, Clean Water,
Economics CIE3M, Unit 2, Class 2 Notes
Supply and Demand
-Measure price on the vertical axis and quantity on the horizontal axis.
-Supply curve move upward from the left
-Demand curve move downward form the
The market has 4 distinct meani
Economics CIE3M, Unit 1, Class 3 Notes
Capital (Real Capital)
Economics CIE3M, Unit 3, Class 1 Notes
The study of the economy as a whole.
Gross Domestic Product (GDP)
The total value of all final goods and services produced in a country in a year.
GDP can be calculate in 2 ways:
1. Expenditure Approach
Economics CIE3M, Unit 2, Class 3 Notes
Total Revenue Approach to Elasticity
Elastic Demand Coefficient = Price rise, Total revenue fall. Price fall, Total revenue
Inelastic Demand Coefficient = Price rise, Total revenue rise. Price fall, Total revenu
Economics CIE3M, Unit 1, Class 1 Notes
Is a practical science that deals with production, distribution and use of
Simply, Economics is the study of the way we make decision about the use of
Economics CIE3M, Unit 1, Class 4 Notes
The set if laws, institute , and common practice that helps a nation determine how to
use its scarce resources to satisfy as many of its people needs and wans as possible.
Economics CIE3M, Unit 2, Class 4 Notes
How to produce Key Terms
Gross Domestic Product
Measure of total value of goods and services by Canadian economy in a year.
Is what we usually think and refer to simply as profit. Thats excess rev
Economics CIE3M, Unit 3, Class 3 Notes
Government Budget Option
In establishing the budget, the government are in theses situation:
Occur when the GOV spends more money than it collects in revenue. It must
borrow money to cover short fall.
Economics CIE3M, Unit 1, Class 2 Notes
1. Analytical Economics
It deals with facts and direct observation of the world around us. Within
analytical economics, there are 2 statements.
Portrays things as they are in
Economics CIE3M, Unit 3, Class 2 Notes
Measuring Price Stability (The Consumer Price Index)
A term used to describe the persistence rise in the general level of prices.
Consumer Price Index
The CPI is a price index that measure the change in pri