![]() ![]() If we want to raise or reduce output, we can work more or fewer hours, hire or fire more workers and buy more or less materials fairly quickly. They can be increased or decreased in the short run. Variable factors are mainly labour and materials. It may take quite some time to build and equip a new factory, or to find a buyer for it if we want to close it down. They mainly comprise capital items such as machines, buildings and vehicles, but also the land upon which the buildings stand. The production of goods and services involves using a combination of fixed factors of production and variable factors.įixed factors are those that cannot be increased or decreased in the short run. Conflicts and Trade-Offs Between Objectives and Policies.Equilibrium Levels of Real National Output.The Benefits and Costs of Economic Growth.The Characteristics of Aggregate Demand.The UK Economy - Performance and Policies.Positive and Normative Economic Statements. ![]() ![]() Alternative Views of Consumer Behaviour.Free Market Economies, Mixed Economy and Command Economy.Price, Income & Cross Elasticities of Demand.Specialisation and the Division of Labour.Introduction to Markets and Market Failure.Wage Determination in Competitive and Non-competitive Markets.Business Behaviour and the Labour Market.Factors Influencing Growth and Development.Macroeconomic Policies in a Global Context.Trading Blocs and the World Trade Organisation (WTO).Strategies Influencing Growth and Development. ![]()
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