economic problem Archives - Free ZIMSEC & Cambridge Revision Notes

The Economic Problem

By garikaib|2022-09-15T12:40:55+02:00January 24th, 2023|Notes, O Level Business Studies Notes, Ordinary Level Notes|

The economic problem. Image credit wordpress.com ZIMSEC O Level Business Studies: The Economic Problem.

The Economic Problem

Arises because resources (factors of production) are limited and scarce
whilst human needs and wants are unlimited.
This leads to the three questions:
What to produce? […]

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Free Market Economy
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Free Market Economy

Notes, O Level Business Studies Notes, Ordinary Level Notes

Free Market Economy

By garikaib|2022-09-15T12:40:56+02:00January 24th, 2023|Notes, O Level Business Studies Notes, Ordinary Level Notes|

ZIMSEC O Level Business Studies Notes: Communication: Free Market Economy

Characteristics/Features

• All the resources (factors of production) are owned by private individuals.
• Profit is the main motive of all business.
• There is little or no government interference in business activities.
• Producers are free to produce how much they want, for whomever they want.
• Consumers are free […]

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AS A Level Business: The Economic Problem
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AS A Level Business: The Economic Problem

Cambridge AS A Level Business Studies, Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills

AS A Level Business: The Economic Problem

By garikaib|2022-09-15T12:30:03+02:00January 24th, 2023|Cambridge AS A Level Business Studies, Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills|

Cambridge AS A Level Business Studies/ ZIMSEC Advanced Level Business Studies/ Business Enterprise Skills Notes: Enterprising: The Economic Problem

As already said elsewhere, business involves an organised effort
The owners combine factors of production to achieve set objectives
Combining factors of production can also be known carrying out an economic activity
Businesses exist primarily to satisfy human […]

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AS A Level Business: Benefits And Drawbacks Of A Free Market Economy
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AS A Level Business: Benefits And Drawbacks Of A Free Market Economy

Cambridge AS A Level Business Studies, Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills

AS A Level Business: Benefits And Drawbacks Of A Free Market Economy

By garikaib|2022-09-15T12:29:58+02:00January 24th, 2023|Cambridge AS A Level Business Studies, Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills|

Cambridge AS A Level Business Studies/ ZIMSEC Advanced Level Business Studies/ Business Enterprise Skills Notes: Free Market Economy: Advantages and disadvantages

Having examined the features of a Free Market Economy
We will now examine the advantages and disadvantages of this economic system
While it might not be said explicitly these benefits contrast with those of a […]

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AS A Level Business: Planned Economy
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AS A Level Business: Planned Economy

Cambridge AS A Level Business Studies, Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills

AS A Level Business: Planned Economy

By garikaib|2022-09-15T12:29:58+02:00January 24th, 2023|Cambridge AS A Level Business Studies, Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills|

Cambridge AS A Level Business Studies/ ZIMSEC Advanced Level Business Studies/ Business Enterprise Skills Notes: Planned/Command Economy: Features

A planned economy is also known as a command economy
To recap society faces an economic problem of how to allocate its scarce resources
It has to answer three basic questions:
- What to produce
- How to produce and
- For […]

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AS A Level Business: Benefits And Drawbacks Of A Planned Economy
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AS A Level Business: Benefits And Drawbacks Of A Planned Economy

Cambridge AS A Level Business Studies, Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills

AS A Level Business: Benefits And Drawbacks Of A Planned Economy

By garikaib|2022-09-15T12:29:57+02:00January 24th, 2023|Cambridge AS A Level Business Studies, Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills|

Cambridge AS A Level Business Studies/ ZIMSEC Advanced Level Business Studies/ Business Enterprise Skills Notes: Planned/Command Economy

We looked at the features of planned economies here
We will now examine the advantages and disadvantages of such an economic system
It is important to note that for the most part:
The advantages of command economies are usually the […]

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AS A Level Business: Mixed Economy
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AS A Level Business: Mixed Economy

Cambridge AS A Level Business Studies, Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills

AS A Level Business: Mixed Economy

By garikaib|2022-09-15T12:29:57+02:00January 24th, 2023|Cambridge AS A Level Business Studies, Notes, ZIMSEC A Level Business Studies, ZIMSEC Business Enterprise Skills|

Cambridge AS A Level Business Studies/ ZIMSEC Advanced Level Business Studies/ Business Enterprise Skills Notes: Mixed Economy

Society faces an economic problem
It has to answer three basic questions:
- What to produce
- How to produce and
- For whom to produce?
It falls upon the government of that given society to come with a solution to this problem
This […]

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