Economics problems is how to allocate scarce resources among alternative uses.
Take a choice about what you are going to spend money on.
For ex: Decisions firms have to take about what they should produce and how they could do this in the most efficient way, in contrast to their budget.
Different factors of production, which is the resource inputs that are available in an economy for the production of goods and services, as economic resources: land, labour, factor, entrepreneurship.
Land: Natural resources available, from the earth, and fossil fuels, like oil and cool.
Labour: Human resources available in any economy. Quantity and quality are key considerations.
Capital: Physical resource covering anything that can be regarded as a man-made aid of production. A combination by land and labour to produce things and services, everything you can built.
Entrepreneurship: the willingness of an entrepreneur to take risks and organise production. Entrepreneurs(individuals who have an idea, developing by setting up a new business and encourage it to grow), starting up entreprices(a business, the process by which new businesses are formed)
Specialisation used to address the problem of scarcity is done by individuals workers, regions, firms, or economies. They are only concentrated on doing especially tasks, producing some goods or services.
Exchange(:the process by which goods and services are traded) of goods or services, where you give something and get something of an equivalent value back, like in the olden days...
Market in allocating scarce resources = a market with insufficient resources to meet all want..
Opportunity cost, the cost of the next best alternative, which is forgone when a choice is made.
Ex: Dragon's Den is a television program, where The Dragons (investors) chose if they want to invest in the idea the participants are coming up with. If they investing in it, they lose the opportunity to invest in something else, and if their not investing the participants will maybe get another investor and might succeed on the market. Then the first investor who said no to invest, lost that opportunity to earn money and be fame.
Production possibility curves: this shows the maximum quantities of different combinations of output(=the finished products resulting for the transformation process) of two products, given current resources and the state of tecnology.
Ex:
Opportunity cost:
Take a look at the diagram in the picture above. If you choose to work more with maths, than economics, you use more time on maths, and less on economics → better grades in maths than economics. Visa Versa.
Benefits:
The pollution per unit carried will decrease, since the larger ships are able to transport a larger quantity of cargo per transport. Consumer prices will be decreased; transport costs will be lowered by the usage of larger ships. Recording to the case study a larger ship is only in the need of 13 crewmembers per ship, therefore labour costs will be decrease, also fuel costs will be decreased due to the low number of ships needed.
Costs:
Huge transport ships cost allot to make, this isn’t really a big issue since the price of building allot of small ships will most certainly match the price of the larger ships. The big issue on the other hand is if the cargo companies want to save money on the large ships they need to fill the full capacity of the ships must be filled by every transport.
Krugman says “Gordon Brown was selling the economic successes of Britain in the past 15 years on false pretences,”
He's saying that Britain needs to go back to manufactured goods.
Then he offers some ideas of how this could happen, and suggests the British government follows in the footsteps of Silicon Valley.
Krugman then talks about new innovation hotspots(with new idea, which can give the owner(the company) much money) and the importants that the government must catch them early and correctly incubate them so they don't fizzle.
The difference from the Norwegian to the UK school system is huge. Being here in the UK for a month, I all ready think that everything is better here, (maybe because I'm starving for education(?)) with great teachers and school system.
Norwegians are confident that you have to fend yourselves, as an individual. You have to prove that you are growing up now, when you are a teenager and can, by yourselves, work with the school without the help and almost no ones to following you up. The school are expecting results from you, and feel they can relax because they already have done their exams. So now it's your turn, and you are alone.
The main problem, I believe, is among the teachers in the Norwegian school. Which has led to a fatigue syndrome, which has affected most of the people who have anything to do with the school.
The problem comes from lack of funding and focus, which threatens the quality.
Today we are on the lower part of the list of the knowledge level in school, in the Europe.
The reason we have so many strange things in the profession is probably because the last 20 years have been easy to get into the training program.
A bi-factor, although I think these has a lot to say, is that the focus of further education is small, just a little talk about college and future, do not make the motivation for students.
Coming from secondary school, students usually falls one grade down in all subjects. Ending up dropping up in dropping out of high school.
I do not know the English school system very well yet, but I have been here for a month or so, now, and I feel that there is a lot better, than the Norwegian system.
The level of teaching staff is significantly higher, than in my country. All the teachers in my school, here in UK are good, I think. They seems like people who are very happy in their jobs, because they want to teach the students to give them the knowledge to our life.
Here in england, I think that being a teacher is a more respectable, better paid and most important of all, have more knowledge and better education.
The follow-up from school, makes you feel like someone are there for you, in addition to family, who want to help you as a student and a person.
They do this by making a tight, personal relationships to their students, with small classes and teachers who take the job more seriously, working in their spare time ass well (meaning that we can contact them and always get help).
Teachers expect you to work more here in the UK than in Norway, but in return they are there for you, like always. Motivation is a key word here. Students who work more get more challenging, which makes smart students do not feel useless and bored in lessons, in different to the Norwegian school.
Subjects realized and practices, so they do not seem unreal and useless for us.
The future is not too far away, and we begin to plan now, in Unlike in Norway, with UCAS. This is the hour in which we get an introduction to the universities, subjects, etc.
We are still children and need someone to follow-up, because we, at least I know that I don't know yet, not already know what to do in our lives, and what to focus on.
Throughout my life have I been told that education is important, and always thought that I should walk in parents' footsteps.
I started in secondary school and became more and more tired of school and homework, teachers and further education.
I just wanted to travel around the world and working as a bartender, and create art on the side.
I used to think that starting up your own business/company is almost impossible, especially for girls, (do not know why, but just have that feeling) and I have never wanted to work under someone. So, I felt that I didn't want any further education. This is probably from to little knowledge.
I have never done so much at the school before, and homework has been like hell to me.
Now, here at school, my teachers, has gotten me to focus again. Unlike in the Norwegian school where teachers just gave up, if you didn't show that much interest.
Therefore, I am incredibly glad that I have come here, to the EF, Oxford. I have received education and training on a whole new ground. Although it's hard to do homework, since I'm not used to it, I just feel like a bad result of the Norwegian education system. I like now for the first time in many years to sit in in the lessons.
In recent years I have had next to none motivation for university, but now I'm starting to get an idea of maybe doing it.(There is light!) This is because of teachers, whom are incredibly clever, enthusiastic and with the desire each day.
