Basic economic problem: choice and allocation of resourses

1. Basic economic problem

1.1. finite resources + infinte wants

1.2. scarcity and choice

1.3. opportunity cost

1.3.1. next best alternative forgone to satisfy the other

1.3.1.1. Trade-Offs

2. MICROECONOMICS

2.1. MACROECONOMICS

3. 3 Basic Questions

3.1. WHAT to produce?

3.2. HOW to produce?

3.3. FOR WHOM to produce?

4. GDP

4.1. Gross Domestic Product

5. Factors of production

5.1. LAND

5.1.1. reward: rent

5.2. LABOR

5.2.1. reward: wages

5.3. CAPITAL

5.3.1. reward: interest

5.4. ENTERPRISE

5.4.1. reward: profits

6. Labor Theory

6.1. TOYOTISM

6.2. FORDISM

6.3. TAYLORISM

7. Economic Agent

7.1. GOVERNMENTS

7.1.1. services

7.1.2. HOUSEHOLDS

7.1.3. factors of production

7.1.4. BUSINESS

7.1.5. direct tax

7.1.5.1. goods and services

7.1.5.2. BUSINESS

7.1.5.3. income

7.1.5.4. HOUSEHOLDS

7.1.5.5. vat

7.1.5.6. GOVERNMENTS