Division and specialisation of labour. How does it affect the efficiency of production? This article will explain the advantages and disadvantages of specialisation. Welcome to Simply Economics. This article is the third in a series to explain economics to those who want to broaden their scope of the subject. Click here to find out more about the […]
3. Division and Specialisation of Labour. Read More »
What are production possibility frontiers? This article explains what PPFs are and what causes movements along them and why they may shift inwards or outwards. The article also explains what opportunity costs are and how they can be represented in a PPF. Welcome to Simply Economics. This article is the second in a series to
2. Production Possibility Frontiers (PPF). Read More »
What is economics? This article explains the definition of economics and the fundamental assumptions held in order to produce economic models. Share this article using: Welcome to Simply Economics. This article is the first in a series to explain economics to those who want to start to understand the subject. The Nature of Economics. Economics
1. The Definition of Economics Read More »