paper 1

• factors of production


  C. E. L. L

  Capital

  Enterprise

  Land

  Labour
• functions of money (dums)


  • standard of DEFERRED payment
  • UNIT of account
  • METHOD of exchange
  • STORED value
• normative vs positive


  norms- opinions

  meaning normative statements are subjective, opinions

  positive- factual

  meaning positive statements are objective
• demand is effected by pirates 


  Population

  Income

  Related goods

  Advertising

  Taste/ fashion

  Expectations

  Seasons
• for consumer cost/ benefits (drawing hack)


  consumer area is always next to the NEW supply
• supply is effected by CATW


  • COST of production (subsidy or tax)
  • AVAILABILITY of resources
  • TECHNOLOGY
  • WEATHER (crops)