1.1.6 Free Market Economies, Mixed Economy and Command …
WEBSep 19, 2023 · This study note for Edexcel covers Free Market Economies, Mixed Economy and Command Economy. A) Distinction Between Free Market, Mixed, and Command Economies
3.3.3 Economies and Diseconomies of Scale (Edexcel)
WEBSep 19, 2023 · The Minimum Efficient Scale (MES) is the level of production at which a firm achieves the lowest possible long-run average cost per unit of output. In other words, it is the point at which economies of scale are fully realized, and any further increase in production would result in diseconomies of scale. When a firm operates at or near its MES ...
1.1.5 Specialisation and the Division of Labour (Edexcel)
WEBSep 19, 2023 · The division of labor is a form of specialization where tasks are divided among workers. 2. Adam Smith's Contribution. Adam Smith, the father of economics, emphasized the benefits of specialization in his book "The Wealth of Nations" (1776). He argued that specialization leads to increased productivity and economic growth.
Functionalism | Topics | Sociology - tutor2u
WEBOct 11, 2023 · Functionalism is one of the key sociological perspectives and is known as a consensus theory as it is characterised by the idea that society requires shared norms and values in order for it function properly. Institutions in society (such as the family, education, the media, etc.) have clear social functions, which ensure there is a broad consensus about the norms and values of society and ...
1.1.4 Production Possibility Frontiers (Edexcel)
WEBSep 19, 2023 · A) The Use of Production Possibility Frontiers (PPFs) 1. Introduction to PPFs. PPF is a graphical representation of an economy's maximum production potential given its resources and technology. It shows the trade-off between producing different combinations of two goods/services. 2. Opportunity Cost and Marginal Analysis.
Durkheim on Deviance | Reference Library | Sociology - tutor2u
WEBSep 15, 2022 · Durkheim on Deviance. Durkheim is often seen as the founding father of functionalist sociology, and his ideas about deviance must be understood in the context of his views about society as a whole. He had an organic analogy of society; he perceived it as akin to a human body: the various organs (institutions) had to function correctly for the ...
What is the fundamental economic problem? | Reference Library
WEBJul 13, 2023 · Resource Scarcity. Opportunity cost. The basic economic problem, also known as the fundamental economic problem, refers to the scarcity of resources in relation to the unlimited wants and needs of individuals and societies. It is the central issue in economics and arises due to the imbalance between what people desire and the resources ...
4.1.2 Specialisation and Trade (Edexcel) | Reference Library
WEBSep 20, 2023 · Share : This Edexcel study note covers Specialisation and Trade. a) Absolute and Comparative Advantage: Assumptions of Comparative Advantage: Two countries and two goods: The theory assumes there are only two countries producing two different goods. Constant opportunity costs: It assumes that the opportunity costs of producing one good in terms ...
Families: Forms of Family Diversity | Reference Library - tutor2u
WEBSep 15, 2022 · Families: Forms of Family Diversity. Some sociologists argue that there is no “normal” family, but instead a broad diversity of family and household forms in the UK today. There are a number of reasons for this increased diversity, including: Secularisation (as religion has become less central to UK society, so people are more likely to ...
Interactionism (Theory) | Topics | Sociology - tutor2u
WEBInteractionism – or symbolic interactionism - is a broad sociological perspective. It is a micro action theory rather than a macro structuralist one and is interpretivist rather than positivist. Associated with George Herbert Mead and Max Weber, it is a perspective that sees society as the product of human interactions, and the meanings that …