Functionalism | Topics | Sociology - tutor2u
Oct 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)
Sep 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.
3.3.3 Economies and Diseconomies of Scale (Edexcel)
Sep 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 ...
1.1.6 Free Market Economies, Mixed Economy and Command …
Sep 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
1.1.5 Specialisation and the Division of Labour (Edexcel)
Sep 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.
Interactionism (Theory) | Topics | Sociology - tutor2u
Interactionism – 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 individuals place on those interactions.
What is the fundamental economic problem? | Reference Library
Jul 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 ...
Introduction to Growth & Development - tutor2u
Sep 29, 2019 · Growth and development occur across the life stages and focuses on the physical, intellectual, emotional and social changes that humans go through.. Growth . Growth predominately concentrates on the physical changes that take place across different parts of the body.Growth is measured using a range of intervals such as height and weight. Centile charts are used to measure changes in growth.
Explaining the Multiplier Effect | Reference Library - tutor2u
Nov 29, 2021 · The multiplier effect arises because one agent’s spending is another agent’s income. When a spending project creates new jobs for example, this creates extra injections of income and demand into a country’s circular flow. The negative multiplier effect occurs when an initial withdrawal or leakage of spending from the circular flow leads ...
Explaining the Price Mechanism | Reference Library - tutor2u
Mar 30, 2021 · Prices rise and fall to reflect scarcities and surpluses. If prices are rising because of high demand from consumers, this is a signal to suppliers to expand production to meet the higher demand. If there is excess supply in a market, the price mechanism will help to eliminate a surplus of a good by allowing the market price to fall. 2.