Resource Allocation
Overzicht
Nobody in the world is in charge of deciding how many loaves of bread get baked tomorrow. There is no bread ministry, no national loaf committee, no register of hungry people. And yet tomorrow morning the bakeries will open with roughly the right amount of bread, made from flour that arrived from mills that were told by nobody how much to grind. Something is coordinating all of that, and it is not a person.
This lesson is about the mechanism that does the coordinating. You will learn what economists actually mean by a market, why economists split markets into factor markets and product markets, and how an economy's work divides into three sectors whose relative sizes shift as a country develops. Then you will meet the oldest idea in the subject: that people and countries produce far more when each concentrates on one thing, and that this gain comes with a bill attached, paid by workers who repeat one task all day and by countries that put everything on one crop.
Doelstellingen
- Markets
- Allocation of resources
- Factor and product markets
- Economic sectors
- Primary, secondary and tertiary sectors
- Goods and services
- Specialisation, division of labour, and exchange
- The benefits of specialisation and division of labour and exchange
- The costs of specialisation and division of labour and exchange
Mindmap
Dit onderwerp is in kaart gebracht zodat je ziet hoe de ideeen samenhangen.
Open de mindmap in de app
Lesnotitie
Volledige lesnotitie beschikbaar in de Green Bridge-app
Installeer de Green Bridge CBT-app op je telefoon of computer voor de volledige IGCSE-bibliotheek: examens uit voorgaande jaren, correctiemodellen, mindmaps, flashcards en audiolessen.
Lesevaluatie
Gefeliciteerd met het voltooien van de les op Resource Allocation. Nu je de sleutelconcepten en ideeën, het is tijd om uw kennis op de proef te stellen. Deze sectie biedt een verscheidenheid aan oefeningen vragen die bedoeld zijn om uw begrip te vergroten en u te helpen uw begrip van de stof te peilen.
Je zult een mix van vraagtypen tegenkomen, waaronder meerkeuzevragen, korte antwoordvragen en essayvragen. Elke vraag is zorgvuldig samengesteld om verschillende aspecten van je kennis en kritisch denkvermogen te beoordelen.
Gebruik dit evaluatiegedeelte als een kans om je begrip van het onderwerp te versterken en om gebieden te identificeren waar je mogelijk extra studie nodig hebt. Laat je niet ontmoedigen door eventuele uitdagingen die je tegenkomt; beschouw ze in plaats daarvan als kansen voor groei en verbetering.
- Which one of the following firms operates in the tertiary sector? A. A copper mine B. A car assembly plant C. A commercial bank D. A steel works Answer: C
- Which of the following best describes a market? A. A building in which goods are sold B. An opportunity for buyers and sellers to interact in order to establish price C. A government body that sets prices D. The total output of an economy in a year Answer: B
- A firm hires an accountant. In which type of market does this transaction take place? A. A factor market B. A product market C. A foreign exchange market D. A tertiary market Answer: A
- Which of the following is a drawback of the division of labour for a worker? A. Output per worker rises B. Less training is required C. The work becomes repetitive and motivation may fall D. Average costs per unit fall Answer: C
- As an economy's income per person rises over time, which change is most likely? A. The primary sector's share of output rises B. The tertiary sector's share of output rises C. All three sectors keep exactly the same share D. The secondary sector disappears Answer: B
Maak deze vragen in de app
Maak deze vragen in de app
Aanbevolen Boeken
Oefen Proefexamenvragen
Wilt u proefexamenvragen over Resource Allocation oefenen? Download de Green Bridge CBT-app voor toegang tot proefexamenvragen en volledige oefentoetsen over dit onderwerp.
Download de app in de Google Playstore
Alles wat je nodig hebt om uit te blinken in JAMB, WAEC en NECO.
