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As our ‘Economics 101’ classes continue, here is the next edition on markets. Markets afterall consist of all the economic forces at work.

As always, heres the PDF PIIGSTY Econ 101 #5 Markets

After producers come (you guessed it) consumers! A consumer is a decision making unit that buys goods/services (g/s).

Key assumptions are made in relation to human/consumer behaviour…

Heres the PDF PIIGSTY Econ 101 #3 The Consumer

The term ‘Economy of Scale‘ is all about the factors which make it cheaper for larger firms to produce goods than smaller firms

This PIIGSty presentation sums this up  PIIGSty Economy of Scale

Heres the PDF PIIGSTY Econ 101 #3 Economy of Scale

Next up: The Producer. The producers in an economy are firms/companies who operate for profit.

A firm is an individual unit of business which produces output and sells its product in the market.

Heres the PDF PIIGSTY Econ 101 #2 Producer

The most basic concept in economics is (duh!) the 4 factors of production – the component parts of the entire economy.

An understanding of these is VITAL!

Heres the PDF  PIIGSTY Econ 101 #1 FOPs

Today PIIGSty.com is starting a new series ‘Economics 101’- a series of secondary school/high school level economics for those needing a more fundamental grasp of basic concepts.

Please feel free (as usual) to email us at piigsty@gmail.com if anything seems a little confusing…