top of page
Basic economic ideas
Factors of production
The secret to scoring awesome grades in economics is to have corresponding awesome notes.
A common pitfall for students is to lose themselves in a sea of notes: personal notes, teacher notes, online notes textbooks, etc... This happens when one has too many sources to revise from! Why not solve this problem by having one reliable source of notes? This is where we can help.
What makes TooLazyToStudy notes different?
are clear and concise and relevant
is set in an engaging template to facilitate memorisation
cover all the important topics in the O level, AS level and A level syllabus
are editable, feel free to make additions or to rephrase sentences in your own words!
Looking for live explanations of these notes? Enrol now for FREE tuition!
Production possibility curve
A production possibility curve is a curve showing all the possible combinations of two goods that an economy can produce within a specified time period with all its resources fully and efficiently employed.
Diagram 1: A production possibility curve
Diagram 2: Making a fuller use of resources
There is no guarantee that resources will be fully employed, or that they will be used in the most efficient way possible. The nation may thus be producing at a point inside the curve: for example, point v.
By using its resources to the full, the nation could move out onto the curve: to point x or y. It could thus produce more clothing and more food.
bottom of page