Tutorial Added – Classification of goods and services

Goods and services can be classified into various categories based on their nature of scarcity.

Free Goods

A free good is available in abundance to people. Consumption of a free good does not arise in an opportunity cost.
Examples of free goods are air, water etc. Sometimes, a good maybe a free good in one country where as it may become an economic good in another country in which the consumers have to pay to use it.

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Unit 1 of Cambridge A Level Economics (Basic Economic Ideas)

Tutorials have been uploaded to cover the syllabus contents of the Unit 1 of Cambridge A Level Economics (Basic Economic Ideas)

The tutorials cover the following topics:

  1. Scarcity, choice and resource allocation
  2. Different allocative mechanisms
  3. Production possibility curves
  4. Problems of transition
  5. The margin: decision making at the margin
  6. Positive and normative statements
  7. Ceteris paribus
  8. Factors of production: land, labour, capital, enterprise
  9. Division of labour
  10. Money: its functions and characteristics

Click here to go to these tutorials

I hope you find this work useful.

Upload of Tutorials Under O Level Unit 7 is complete!

HDI components
Cambridge O Level Unit 7 – Developed and Developing Economies: trends in
production, population and living standards

Topics covered in this unit

  1. Why some countries are classified as developed and others are not
  2. Absolute and relative poverty
  3. Policies to alleviate poverty>
  4. Factors affecting population growth
  5. The effects of changing size and structure of population on an economy
  6. Comparing developed and developing countries and regions within a country

Upload of Tutorials Under O Level Unit 6 is complete!

Maldives Inflation
O Level Unit 6: Economic Indicators

Topics covered in this unit

1. How a consumer prices index/retail prices index is calculated
2. Inflation
3. Deflation
4. Changing patterns and levels of employment
5. Causes and consequences of unemployment
6. Gross Domestic Product(GDP)
7. Recession
8. Measures and Indicators of comparative living standards

Unit 3 of A Level Tutorials Complete!

Tutorial Updates
A Level Unit 3: Business Economics and Economic Efficiency

Topics covered in this unit

1. Motives of a firm
2. Why and how do firms grow?
3. Introduction to market structures
4. Perfect competition
5. Perfect competition equilibrium
6. Monopoly
7. Oligopoly and game theory
8. Monopolistic competition
9. Comparing the monopolist and perfect competition
10. Government intervention to promote competition