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<!doctype html><html class=html lang=en-us dir=ltr><head><meta charset=utf-8><meta name=viewport content="width=device-width"><title>ET DCM1107 | Freedoms4</title><link rel=stylesheet href=/css/style.min.34d0accb85f8ec23ceee8c29eef5907823b531d8acb9e6bdf45a3b37ad028d30.css integrity="sha256-NNCsy4X47CPO7owp7vWQeCO1Mdisuea99Fo7N60CjTA=" crossorigin=anonymous><link rel=icon href=/favicon.ico><meta property="og:url" content="https://freedoms4.org/uninotes/s1/et-dcm1107/"><meta property="og:site_name" content="Freedoms4"><meta property="og:title" content="ET DCM1107"><meta property="og:locale" content="en_us"><meta property="og:type" content="website"><meta itemprop=name content="ET DCM1107"><link rel=alternate type=application/rss+xml href=/uninotes/s1/et-dcm1107/index.xml title=Freedoms4><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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<!doctype html><html class=html lang=en-us dir=ltr><head><meta charset=utf-8><meta name=viewport content="width=device-width"><title>ET DCM1107 | Freedoms4</title><link rel=stylesheet href=/css/style.min.34d0accb85f8ec23ceee8c29eef5907823b531d8acb9e6bdf45a3b37ad028d30.css integrity="sha256-NNCsy4X47CPO7owp7vWQeCO1Mdisuea99Fo7N60CjTA=" crossorigin=anonymous><link rel=icon href=/favicon.ico><meta property="og:url" content="https://freedoms4.org/uninotes/s1/et-dcm1107/"><meta property="og:site_name" content="Freedoms4"><meta property="og:title" content="ET DCM1107"><meta property="og:locale" content="en_us"><meta property="og:type" content="website"><meta itemprop=name content="ET DCM1107"><link rel=alternate type=application/rss+xml href=/uninotes/s1/et-dcm1107/index.xml title=Freedoms4><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script><script async src=https://plausible.freedoms4.org/js/pa-5BKl0z0RLzwrclKq4y-qk.js></script><script>(window.plausible=window.plausible||function(){(plausible.q=plausible.q||[]).push(arguments)},plausible.init=plausible.init||function(e){plausible.o=e||{}}),plausible.init()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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<svg class="theme-toggle__sun" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M12 7c-2.76.0-5 2.24-5 5s2.24 5 5 5 5-2.24 5-5-2.24-5-5-5zM2 13h2c.55.0 1-.45 1-1s-.45-1-1-1H2c-.55.0-1 .45-1 1s.45 1 1 1zm18 0h2c.55.0 1-.45 1-1s-.45-1-1-1h-2c-.55.0-1 .45-1 1s.45 1 1 1zM11 2v2c0 .55.45 1 1 1s1-.45 1-1V2c0-.55-.45-1-1-1s-1 .45-1 1zm0 18v2c0 .55.45 1 1 1s1-.45 1-1v-2c0-.55-.45-1-1-1s-1 .45-1 1zM5.99 4.58c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0s.39-1.03.0-1.41L5.99 4.58zm12.37 12.37c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0.39-.39.39-1.03.0-1.41l-1.06-1.06zm1.06-12.37-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0zM7.05 18.36l-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0z"/></svg>
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<svg class="theme-toggle__moon" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M21 12.79A9 9 0 1111.21 3 7 7 0 0021 12.79z"/></svg></button><div class="brand__auth brand__auth--desktop"><input type=checkbox id=auth-dropdown class=brand__auth-check>
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<label class=brand__auth-toggle for=auth-dropdown tabindex=0 aria-label="Account options"><svg viewBox="0 0 24 24" width="12" height="12" fill="currentColor"><path d="M12 12c2.7.0 4.8-2.1 4.8-4.8S14.7 2.4 12 2.4 7.2 4.5 7.2 7.2 9.3 12 12 12zm0 2.4c-3.2.0-9.6 1.6-9.6 4.8v2.4h19.2v-2.4c0-3.2-6.4-4.8-9.6-4.8z"/></svg></label><div class=brand__auth-links><a href=/login/ class="auth-link auth-link--login">Login</a>
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@@ -1,4 +1,4 @@
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<!doctype html><html class=html lang=en-us dir=ltr><head><meta charset=utf-8><meta name=viewport content="width=device-width"><title>Unit 1 | Freedoms4</title><link rel=stylesheet href=/css/style.min.34d0accb85f8ec23ceee8c29eef5907823b531d8acb9e6bdf45a3b37ad028d30.css integrity="sha256-NNCsy4X47CPO7owp7vWQeCO1Mdisuea99Fo7N60CjTA=" crossorigin=anonymous><link rel=icon href=/favicon.ico><meta property="og:url" content="https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/"><meta property="og:site_name" content="Freedoms4"><meta property="og:title" content="Unit 1"><meta property="og:locale" content="en_us"><meta property="og:type" content="website"><meta itemprop=name content="Unit 1"><link rel=alternate type=application/rss+xml href=/uninotes/s1/et-dcm1107/unit1/index.xml title=Freedoms4><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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<!doctype html><html class=html lang=en-us dir=ltr><head><meta charset=utf-8><meta name=viewport content="width=device-width"><title>Unit 1 | Freedoms4</title><link rel=stylesheet href=/css/style.min.34d0accb85f8ec23ceee8c29eef5907823b531d8acb9e6bdf45a3b37ad028d30.css integrity="sha256-NNCsy4X47CPO7owp7vWQeCO1Mdisuea99Fo7N60CjTA=" crossorigin=anonymous><link rel=icon href=/favicon.ico><meta property="og:url" content="https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/"><meta property="og:site_name" content="Freedoms4"><meta property="og:title" content="Unit 1"><meta property="og:locale" content="en_us"><meta property="og:type" content="website"><meta itemprop=name content="Unit 1"><link rel=alternate type=application/rss+xml href=/uninotes/s1/et-dcm1107/unit1/index.xml title=Freedoms4><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script><script async src=https://plausible.freedoms4.org/js/pa-5BKl0z0RLzwrclKq4y-qk.js></script><script>(window.plausible=window.plausible||function(){(plausible.q=plausible.q||[]).push(arguments)},plausible.init=plausible.init||function(e){plausible.o=e||{}}),plausible.init()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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<svg class="theme-toggle__sun" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M12 7c-2.76.0-5 2.24-5 5s2.24 5 5 5 5-2.24 5-5-2.24-5-5-5zM2 13h2c.55.0 1-.45 1-1s-.45-1-1-1H2c-.55.0-1 .45-1 1s.45 1 1 1zm18 0h2c.55.0 1-.45 1-1s-.45-1-1-1h-2c-.55.0-1 .45-1 1s.45 1 1 1zM11 2v2c0 .55.45 1 1 1s1-.45 1-1V2c0-.55-.45-1-1-1s-1 .45-1 1zm0 18v2c0 .55.45 1 1 1s1-.45 1-1v-2c0-.55-.45-1-1-1s-1 .45-1 1zM5.99 4.58c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0s.39-1.03.0-1.41L5.99 4.58zm12.37 12.37c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0.39-.39.39-1.03.0-1.41l-1.06-1.06zm1.06-12.37-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0zM7.05 18.36l-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0z"/></svg>
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<svg class="theme-toggle__moon" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M21 12.79A9 9 0 1111.21 3 7 7 0 0021 12.79z"/></svg></button><div class="brand__auth brand__auth--desktop"><input type=checkbox id=auth-dropdown class=brand__auth-check>
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<label class=brand__auth-toggle for=auth-dropdown tabindex=0 aria-label="Account options"><svg viewBox="0 0 24 24" width="12" height="12" fill="currentColor"><path d="M12 12c2.7.0 4.8-2.1 4.8-4.8S14.7 2.4 12 2.4 7.2 4.5 7.2 7.2 9.3 12 12 12zm0 2.4c-3.2.0-9.6 1.6-9.6 4.8v2.4h19.2v-2.4c0-3.2-6.4-4.8-9.6-4.8z"/></svg></label><div class=brand__auth-links><a href=/login/ class="auth-link auth-link--login">Login</a>
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@@ -19,7 +19,7 @@ B) Welfare Definition by Alfred Marshall.
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C) Scarcity Definition by Robbins.
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D) Growth Defintion by Samuelson.
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Nature # A) Economics as a Science # Positive (what is, based on data and logic) Normative (what ought to be, opinions, judgements) B) Economics as an Art # Pure (what ought to be, ideals and goals) Applied (real world, how to implement) A) Described Economics as a Science # Focuses on laws and cause-and-effect relationships (e.g Law of Demand). Models to predict economic outcomes. Data analysis, observation, hypothesis. Real-world evidence. Deductive and Inductive reasoning. Limitaion: Human behaviour involved. Methods # A) Inductive (specific -> general).
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B) Deductive (general -> specific)."><meta itemprop=wordCount content="179"><meta itemprop=keywords content="S1,ET DCM1107"><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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B) Deductive (general -> specific)."><meta itemprop=wordCount content="179"><meta itemprop=keywords content="S1,ET DCM1107"><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script><script async src=https://plausible.freedoms4.org/js/pa-5BKl0z0RLzwrclKq4y-qk.js></script><script>(window.plausible=window.plausible||function(){(plausible.q=plausible.q||[]).push(arguments)},plausible.init=plausible.init||function(e){plausible.o=e||{}}),plausible.init()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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<svg class="theme-toggle__sun" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M12 7c-2.76.0-5 2.24-5 5s2.24 5 5 5 5-2.24 5-5-2.24-5-5-5zM2 13h2c.55.0 1-.45 1-1s-.45-1-1-1H2c-.55.0-1 .45-1 1s.45 1 1 1zm18 0h2c.55.0 1-.45 1-1s-.45-1-1-1h-2c-.55.0-1 .45-1 1s.45 1 1 1zM11 2v2c0 .55.45 1 1 1s1-.45 1-1V2c0-.55-.45-1-1-1s-1 .45-1 1zm0 18v2c0 .55.45 1 1 1s1-.45 1-1v-2c0-.55-.45-1-1-1s-1 .45-1 1zM5.99 4.58c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0s.39-1.03.0-1.41L5.99 4.58zm12.37 12.37c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0.39-.39.39-1.03.0-1.41l-1.06-1.06zm1.06-12.37-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0zM7.05 18.36l-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0z"/></svg>
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<svg class="theme-toggle__moon" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M21 12.79A9 9 0 1111.21 3 7 7 0 0021 12.79z"/></svg></button><div class="brand__auth brand__auth--desktop"><input type=checkbox id=auth-dropdown class=brand__auth-check>
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<label class=brand__auth-toggle for=auth-dropdown tabindex=0 aria-label="Account options"><svg viewBox="0 0 24 24" width="12" height="12" fill="currentColor"><path d="M12 12c2.7.0 4.8-2.1 4.8-4.8S14.7 2.4 12 2.4 7.2 4.5 7.2 7.2 9.3 12 12 12zm0 2.4c-3.2.0-9.6 1.6-9.6 4.8v2.4h19.2v-2.4c0-3.2-6.4-4.8-9.6-4.8z"/></svg></label><div class=brand__auth-links><a href=/login/ class="auth-link auth-link--login">Login</a>
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@@ -1,4 +1,4 @@
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<!doctype html><html class=html lang=en-us dir=ltr><head><meta charset=utf-8><meta name=viewport content="width=device-width"><title>Unit 2 | Freedoms4</title><link rel=stylesheet href=/css/style.min.34d0accb85f8ec23ceee8c29eef5907823b531d8acb9e6bdf45a3b37ad028d30.css integrity="sha256-NNCsy4X47CPO7owp7vWQeCO1Mdisuea99Fo7N60CjTA=" crossorigin=anonymous><link rel=icon href=/favicon.ico><meta property="og:url" content="https://freedoms4.org/uninotes/s1/et-dcm1107/unit2/"><meta property="og:site_name" content="Freedoms4"><meta property="og:title" content="Unit 2"><meta property="og:locale" content="en_us"><meta property="og:type" content="website"><meta itemprop=name content="Unit 2"><link rel=alternate type=application/rss+xml href=/uninotes/s1/et-dcm1107/unit2/index.xml title=Freedoms4><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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<!doctype html><html class=html lang=en-us dir=ltr><head><meta charset=utf-8><meta name=viewport content="width=device-width"><title>Unit 2 | Freedoms4</title><link rel=stylesheet href=/css/style.min.34d0accb85f8ec23ceee8c29eef5907823b531d8acb9e6bdf45a3b37ad028d30.css integrity="sha256-NNCsy4X47CPO7owp7vWQeCO1Mdisuea99Fo7N60CjTA=" crossorigin=anonymous><link rel=icon href=/favicon.ico><meta property="og:url" content="https://freedoms4.org/uninotes/s1/et-dcm1107/unit2/"><meta property="og:site_name" content="Freedoms4"><meta property="og:title" content="Unit 2"><meta property="og:locale" content="en_us"><meta property="og:type" content="website"><meta itemprop=name content="Unit 2"><link rel=alternate type=application/rss+xml href=/uninotes/s1/et-dcm1107/unit2/index.xml title=Freedoms4><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script><script async src=https://plausible.freedoms4.org/js/pa-5BKl0z0RLzwrclKq4y-qk.js></script><script>(window.plausible=window.plausible||function(){(plausible.q=plausible.q||[]).push(arguments)},plausible.init=plausible.init||function(e){plausible.o=e||{}}),plausible.init()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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<svg class="theme-toggle__sun" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M12 7c-2.76.0-5 2.24-5 5s2.24 5 5 5 5-2.24 5-5-2.24-5-5-5zM2 13h2c.55.0 1-.45 1-1s-.45-1-1-1H2c-.55.0-1 .45-1 1s.45 1 1 1zm18 0h2c.55.0 1-.45 1-1s-.45-1-1-1h-2c-.55.0-1 .45-1 1s.45 1 1 1zM11 2v2c0 .55.45 1 1 1s1-.45 1-1V2c0-.55-.45-1-1-1s-1 .45-1 1zm0 18v2c0 .55.45 1 1 1s1-.45 1-1v-2c0-.55-.45-1-1-1s-1 .45-1 1zM5.99 4.58c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0s.39-1.03.0-1.41L5.99 4.58zm12.37 12.37c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0.39-.39.39-1.03.0-1.41l-1.06-1.06zm1.06-12.37-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0zM7.05 18.36l-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0z"/></svg>
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<svg class="theme-toggle__moon" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M21 12.79A9 9 0 1111.21 3 7 7 0 0021 12.79z"/></svg></button><div class="brand__auth brand__auth--desktop"><input type=checkbox id=auth-dropdown class=brand__auth-check>
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<label class=brand__auth-toggle for=auth-dropdown tabindex=0 aria-label="Account options"><svg viewBox="0 0 24 24" width="12" height="12" fill="currentColor"><path d="M12 12c2.7.0 4.8-2.1 4.8-4.8S14.7 2.4 12 2.4 7.2 4.5 7.2 7.2 9.3 12 12 12zm0 2.4c-3.2.0-9.6 1.6-9.6 4.8v2.4h19.2v-2.4c0-3.2-6.4-4.8-9.6-4.8z"/></svg></label><div class=brand__auth-links><a href=/login/ class="auth-link auth-link--login">Login</a>
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@@ -25,7 +25,7 @@ Exceptions of Law of Demand # A) Assumption of increase in price.
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B) Status goods or Veblen goods.
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C) Giffen goods.
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D) War.
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E) Economic depression. F) Essential goods."><meta itemprop=wordCount content="71"><meta itemprop=keywords content="S1,ET DCM1107"><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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E) Economic depression. F) Essential goods."><meta itemprop=wordCount content="71"><meta itemprop=keywords content="S1,ET DCM1107"><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script><script async src=https://plausible.freedoms4.org/js/pa-5BKl0z0RLzwrclKq4y-qk.js></script><script>(window.plausible=window.plausible||function(){(plausible.q=plausible.q||[]).push(arguments)},plausible.init=plausible.init||function(e){plausible.o=e||{}}),plausible.init()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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<svg class="theme-toggle__sun" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M12 7c-2.76.0-5 2.24-5 5s2.24 5 5 5 5-2.24 5-5-2.24-5-5-5zM2 13h2c.55.0 1-.45 1-1s-.45-1-1-1H2c-.55.0-1 .45-1 1s.45 1 1 1zm18 0h2c.55.0 1-.45 1-1s-.45-1-1-1h-2c-.55.0-1 .45-1 1s.45 1 1 1zM11 2v2c0 .55.45 1 1 1s1-.45 1-1V2c0-.55-.45-1-1-1s-1 .45-1 1zm0 18v2c0 .55.45 1 1 1s1-.45 1-1v-2c0-.55-.45-1-1-1s-1 .45-1 1zM5.99 4.58c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0s.39-1.03.0-1.41L5.99 4.58zm12.37 12.37c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0.39-.39.39-1.03.0-1.41l-1.06-1.06zm1.06-12.37-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0zM7.05 18.36l-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0z"/></svg>
|
||||
<svg class="theme-toggle__moon" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M21 12.79A9 9 0 1111.21 3 7 7 0 0021 12.79z"/></svg></button><div class="brand__auth brand__auth--desktop"><input type=checkbox id=auth-dropdown class=brand__auth-check>
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<label class=brand__auth-toggle for=auth-dropdown tabindex=0 aria-label="Account options"><svg viewBox="0 0 24 24" width="12" height="12" fill="currentColor"><path d="M12 12c2.7.0 4.8-2.1 4.8-4.8S14.7 2.4 12 2.4 7.2 4.5 7.2 7.2 9.3 12 12 12zm0 2.4c-3.2.0-9.6 1.6-9.6 4.8v2.4h19.2v-2.4c0-3.2-6.4-4.8-9.6-4.8z"/></svg></label><div class=brand__auth-links><a href=/login/ class="auth-link auth-link--login">Login</a>
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||||
|
||||
@@ -1,4 +1,4 @@
|
||||
<!doctype html><html class=html lang=en-us dir=ltr><head><meta charset=utf-8><meta name=viewport content="width=device-width"><title>Unit 5 | Freedoms4</title><link rel=stylesheet href=/css/style.min.34d0accb85f8ec23ceee8c29eef5907823b531d8acb9e6bdf45a3b37ad028d30.css integrity="sha256-NNCsy4X47CPO7owp7vWQeCO1Mdisuea99Fo7N60CjTA=" crossorigin=anonymous><link rel=icon href=/favicon.ico><meta property="og:url" content="https://freedoms4.org/uninotes/s1/et-dcm1107/unit5/"><meta property="og:site_name" content="Freedoms4"><meta property="og:title" content="Unit 5"><meta property="og:locale" content="en_us"><meta property="og:type" content="website"><meta itemprop=name content="Unit 5"><link rel=alternate type=application/rss+xml href=/uninotes/s1/et-dcm1107/unit5/index.xml title=Freedoms4><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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<!doctype html><html class=html lang=en-us dir=ltr><head><meta charset=utf-8><meta name=viewport content="width=device-width"><title>Unit 5 | Freedoms4</title><link rel=stylesheet href=/css/style.min.34d0accb85f8ec23ceee8c29eef5907823b531d8acb9e6bdf45a3b37ad028d30.css integrity="sha256-NNCsy4X47CPO7owp7vWQeCO1Mdisuea99Fo7N60CjTA=" crossorigin=anonymous><link rel=icon href=/favicon.ico><meta property="og:url" content="https://freedoms4.org/uninotes/s1/et-dcm1107/unit5/"><meta property="og:site_name" content="Freedoms4"><meta property="og:title" content="Unit 5"><meta property="og:locale" content="en_us"><meta property="og:type" content="website"><meta itemprop=name content="Unit 5"><link rel=alternate type=application/rss+xml href=/uninotes/s1/et-dcm1107/unit5/index.xml title=Freedoms4><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script><script async src=https://plausible.freedoms4.org/js/pa-5BKl0z0RLzwrclKq4y-qk.js></script><script>(window.plausible=window.plausible||function(){(plausible.q=plausible.q||[]).push(arguments)},plausible.init=plausible.init||function(e){plausible.o=e||{}}),plausible.init()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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<svg class="theme-toggle__sun" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M12 7c-2.76.0-5 2.24-5 5s2.24 5 5 5 5-2.24 5-5-2.24-5-5-5zM2 13h2c.55.0 1-.45 1-1s-.45-1-1-1H2c-.55.0-1 .45-1 1s.45 1 1 1zm18 0h2c.55.0 1-.45 1-1s-.45-1-1-1h-2c-.55.0-1 .45-1 1s.45 1 1 1zM11 2v2c0 .55.45 1 1 1s1-.45 1-1V2c0-.55-.45-1-1-1s-1 .45-1 1zm0 18v2c0 .55.45 1 1 1s1-.45 1-1v-2c0-.55-.45-1-1-1s-1 .45-1 1zM5.99 4.58c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0s.39-1.03.0-1.41L5.99 4.58zm12.37 12.37c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0.39-.39.39-1.03.0-1.41l-1.06-1.06zm1.06-12.37-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0zM7.05 18.36l-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0z"/></svg>
|
||||
<svg class="theme-toggle__moon" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M21 12.79A9 9 0 1111.21 3 7 7 0 0021 12.79z"/></svg></button><div class="brand__auth brand__auth--desktop"><input type=checkbox id=auth-dropdown class=brand__auth-check>
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<label class=brand__auth-toggle for=auth-dropdown tabindex=0 aria-label="Account options"><svg viewBox="0 0 24 24" width="12" height="12" fill="currentColor"><path d="M12 12c2.7.0 4.8-2.1 4.8-4.8S14.7 2.4 12 2.4 7.2 4.5 7.2 7.2 9.3 12 12 12zm0 2.4c-3.2.0-9.6 1.6-9.6 4.8v2.4h19.2v-2.4c0-3.2-6.4-4.8-9.6-4.8z"/></svg></label><div class=brand__auth-links><a href=/login/ class="auth-link auth-link--login">Login</a>
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|
||||
@@ -1,7 +1,7 @@
|
||||
<!doctype html><html class=html lang=en-us dir=ltr><head><meta charset=utf-8><meta name=viewport content="width=device-width"><title>Unit 5 | Freedoms4</title><link rel=stylesheet href=/css/style.min.34d0accb85f8ec23ceee8c29eef5907823b531d8acb9e6bdf45a3b37ad028d30.css integrity="sha256-NNCsy4X47CPO7owp7vWQeCO1Mdisuea99Fo7N60CjTA=" crossorigin=anonymous><link rel=icon href=/favicon.ico><meta name=description content=" May 01, 2026 # Explicit Cost # Explicit costs are direct, out-of-pocket payments that a business or individual makes for the use of resources or services. These costs are tangible, measurable, and recorded in accounting books, including expenses like rent, utility bills, wages, raw materials, and interest on borrowed capital.
|
||||
Implicit Cost # Implicit costs are not directly paid out or recorded in financial statements, but represent the opportunity costs of using resources owned by the firm or individual. Examples include the forgone salary if an entrepreneur works in their own business instead of being employed elsewhere, or the interest income sacrificed by investing personal funds in the business rather than elsewhere."><meta property="og:url" content="https://freedoms4.org/uninotes/s1/et-dcm1107/unit5/self/"><meta property="og:site_name" content="Freedoms4"><meta property="og:title" content="Unit 5"><meta property="og:description" content="May 01, 2026 # Explicit Cost # Explicit costs are direct, out-of-pocket payments that a business or individual makes for the use of resources or services. These costs are tangible, measurable, and recorded in accounting books, including expenses like rent, utility bills, wages, raw materials, and interest on borrowed capital.
|
||||
Implicit Cost # Implicit costs are not directly paid out or recorded in financial statements, but represent the opportunity costs of using resources owned by the firm or individual. Examples include the forgone salary if an entrepreneur works in their own business instead of being employed elsewhere, or the interest income sacrificed by investing personal funds in the business rather than elsewhere."><meta property="og:locale" content="en_us"><meta property="og:type" content="article"><meta property="article:section" content="uninotes"><meta itemprop=name content="Unit 5"><meta itemprop=description content="May 01, 2026 # Explicit Cost # Explicit costs are direct, out-of-pocket payments that a business or individual makes for the use of resources or services. These costs are tangible, measurable, and recorded in accounting books, including expenses like rent, utility bills, wages, raw materials, and interest on borrowed capital.
|
||||
Implicit Cost # Implicit costs are not directly paid out or recorded in financial statements, but represent the opportunity costs of using resources owned by the firm or individual. Examples include the forgone salary if an entrepreneur works in their own business instead of being employed elsewhere, or the interest income sacrificed by investing personal funds in the business rather than elsewhere."><meta itemprop=wordCount content="332"><meta itemprop=keywords content="S1,ET DCM1107"><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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||||
Implicit Cost # Implicit costs are not directly paid out or recorded in financial statements, but represent the opportunity costs of using resources owned by the firm or individual. Examples include the forgone salary if an entrepreneur works in their own business instead of being employed elsewhere, or the interest income sacrificed by investing personal funds in the business rather than elsewhere."><meta itemprop=wordCount content="332"><meta itemprop=keywords content="S1,ET DCM1107"><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script><script async src=https://plausible.freedoms4.org/js/pa-5BKl0z0RLzwrclKq4y-qk.js></script><script>(window.plausible=window.plausible||function(){(plausible.q=plausible.q||[]).push(arguments)},plausible.init=plausible.init||function(e){plausible.o=e||{}}),plausible.init()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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<svg class="theme-toggle__sun" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M12 7c-2.76.0-5 2.24-5 5s2.24 5 5 5 5-2.24 5-5-2.24-5-5-5zM2 13h2c.55.0 1-.45 1-1s-.45-1-1-1H2c-.55.0-1 .45-1 1s.45 1 1 1zm18 0h2c.55.0 1-.45 1-1s-.45-1-1-1h-2c-.55.0-1 .45-1 1s.45 1 1 1zM11 2v2c0 .55.45 1 1 1s1-.45 1-1V2c0-.55-.45-1-1-1s-1 .45-1 1zm0 18v2c0 .55.45 1 1 1s1-.45 1-1v-2c0-.55-.45-1-1-1s-1 .45-1 1zM5.99 4.58c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0s.39-1.03.0-1.41L5.99 4.58zm12.37 12.37c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0.39-.39.39-1.03.0-1.41l-1.06-1.06zm1.06-12.37-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0zM7.05 18.36l-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0z"/></svg>
|
||||
<svg class="theme-toggle__moon" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M21 12.79A9 9 0 1111.21 3 7 7 0 0021 12.79z"/></svg></button><div class="brand__auth brand__auth--desktop"><input type=checkbox id=auth-dropdown class=brand__auth-check>
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||||
<label class=brand__auth-toggle for=auth-dropdown tabindex=0 aria-label="Account options"><svg viewBox="0 0 24 24" width="12" height="12" fill="currentColor"><path d="M12 12c2.7.0 4.8-2.1 4.8-4.8S14.7 2.4 12 2.4 7.2 4.5 7.2 7.2 9.3 12 12 12zm0 2.4c-3.2.0-9.6 1.6-9.6 4.8v2.4h19.2v-2.4c0-3.2-6.4-4.8-9.6-4.8z"/></svg></label><div class=brand__auth-links><a href=/login/ class="auth-link auth-link--login">Login</a>
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||||
|
||||
@@ -1,4 +1,4 @@
|
||||
<!doctype html><html class=html lang=en-us dir=ltr><head><meta charset=utf-8><meta name=viewport content="width=device-width"><title>Unit 6 | Freedoms4</title><link rel=stylesheet href=/css/style.min.34d0accb85f8ec23ceee8c29eef5907823b531d8acb9e6bdf45a3b37ad028d30.css integrity="sha256-NNCsy4X47CPO7owp7vWQeCO1Mdisuea99Fo7N60CjTA=" crossorigin=anonymous><link rel=icon href=/favicon.ico><meta property="og:url" content="https://freedoms4.org/uninotes/s1/et-dcm1107/unit6/"><meta property="og:site_name" content="Freedoms4"><meta property="og:title" content="Unit 6"><meta property="og:locale" content="en_us"><meta property="og:type" content="website"><meta itemprop=name content="Unit 6"><link rel=alternate type=application/rss+xml href=/uninotes/s1/et-dcm1107/unit6/index.xml title=Freedoms4><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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||||
<!doctype html><html class=html lang=en-us dir=ltr><head><meta charset=utf-8><meta name=viewport content="width=device-width"><title>Unit 6 | Freedoms4</title><link rel=stylesheet href=/css/style.min.34d0accb85f8ec23ceee8c29eef5907823b531d8acb9e6bdf45a3b37ad028d30.css integrity="sha256-NNCsy4X47CPO7owp7vWQeCO1Mdisuea99Fo7N60CjTA=" crossorigin=anonymous><link rel=icon href=/favicon.ico><meta property="og:url" content="https://freedoms4.org/uninotes/s1/et-dcm1107/unit6/"><meta property="og:site_name" content="Freedoms4"><meta property="og:title" content="Unit 6"><meta property="og:locale" content="en_us"><meta property="og:type" content="website"><meta itemprop=name content="Unit 6"><link rel=alternate type=application/rss+xml href=/uninotes/s1/et-dcm1107/unit6/index.xml title=Freedoms4><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script><script async src=https://plausible.freedoms4.org/js/pa-5BKl0z0RLzwrclKq4y-qk.js></script><script>(window.plausible=window.plausible||function(){(plausible.q=plausible.q||[]).push(arguments)},plausible.init=plausible.init||function(e){plausible.o=e||{}}),plausible.init()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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<svg class="theme-toggle__sun" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M12 7c-2.76.0-5 2.24-5 5s2.24 5 5 5 5-2.24 5-5-2.24-5-5-5zM2 13h2c.55.0 1-.45 1-1s-.45-1-1-1H2c-.55.0-1 .45-1 1s.45 1 1 1zm18 0h2c.55.0 1-.45 1-1s-.45-1-1-1h-2c-.55.0-1 .45-1 1s.45 1 1 1zM11 2v2c0 .55.45 1 1 1s1-.45 1-1V2c0-.55-.45-1-1-1s-1 .45-1 1zm0 18v2c0 .55.45 1 1 1s1-.45 1-1v-2c0-.55-.45-1-1-1s-1 .45-1 1zM5.99 4.58c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0s.39-1.03.0-1.41L5.99 4.58zm12.37 12.37c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0.39-.39.39-1.03.0-1.41l-1.06-1.06zm1.06-12.37-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0zM7.05 18.36l-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0z"/></svg>
|
||||
<svg class="theme-toggle__moon" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M21 12.79A9 9 0 1111.21 3 7 7 0 0021 12.79z"/></svg></button><div class="brand__auth brand__auth--desktop"><input type=checkbox id=auth-dropdown class=brand__auth-check>
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||||
<label class=brand__auth-toggle for=auth-dropdown tabindex=0 aria-label="Account options"><svg viewBox="0 0 24 24" width="12" height="12" fill="currentColor"><path d="M12 12c2.7.0 4.8-2.1 4.8-4.8S14.7 2.4 12 2.4 7.2 4.5 7.2 7.2 9.3 12 12 12zm0 2.4c-3.2.0-9.6 1.6-9.6 4.8v2.4h19.2v-2.4c0-3.2-6.4-4.8-9.6-4.8z"/></svg></label><div class=brand__auth-links><a href=/login/ class="auth-link auth-link--login">Login</a>
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||||
@@ -7,7 +7,7 @@ Here, Q = Quantity of output, L = labour, C = capital, N = land.
|
||||
Time Elements in Production Function # A) Short run # In the short run, only some of the inputs can be varied, but not all. Some factors will remain fixed, and some will be variable."><meta property="og:locale" content="en_us"><meta property="og:type" content="article"><meta property="article:section" content="uninotes"><meta itemprop=name content="Unit 6"><meta itemprop=description content="May 02, 2026 # Production Function # The production function states the functional relationship between the factors of production and the number of products.
|
||||
Q = f (L, C, N)
|
||||
Here, Q = Quantity of output, L = labour, C = capital, N = land.
|
||||
Time Elements in Production Function # A) Short run # In the short run, only some of the inputs can be varied, but not all. Some factors will remain fixed, and some will be variable."><meta itemprop=wordCount content="844"><meta itemprop=keywords content="S1,ET DCM1107"><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
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Time Elements in Production Function # A) Short run # In the short run, only some of the inputs can be varied, but not all. Some factors will remain fixed, and some will be variable."><meta itemprop=wordCount content="844"><meta itemprop=keywords content="S1,ET DCM1107"><link rel=stylesheet href=/css/custom.css><script>(function(){var e=localStorage.getItem("theme");e&&document.documentElement.setAttribute("data-theme",e)})()</script><script async src=https://plausible.freedoms4.org/js/pa-5BKl0z0RLzwrclKq4y-qk.js></script><script>(window.plausible=window.plausible||function(){(plausible.q=plausible.q||[]).push(arguments)},plausible.init=plausible.init||function(e){plausible.o=e||{}}),plausible.init()</script></head><body class=body><header class=header><div class=brand><img src=/logo.png alt="Freedoms4 logo"><h1>Freedoms4</h1><div class=brand__actions><button class=theme-toggle id=theme-toggle aria-label="Toggle theme" title="Toggle dark/light mode">
|
||||
<svg class="theme-toggle__sun" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M12 7c-2.76.0-5 2.24-5 5s2.24 5 5 5 5-2.24 5-5-2.24-5-5-5zM2 13h2c.55.0 1-.45 1-1s-.45-1-1-1H2c-.55.0-1 .45-1 1s.45 1 1 1zm18 0h2c.55.0 1-.45 1-1s-.45-1-1-1h-2c-.55.0-1 .45-1 1s.45 1 1 1zM11 2v2c0 .55.45 1 1 1s1-.45 1-1V2c0-.55-.45-1-1-1s-1 .45-1 1zm0 18v2c0 .55.45 1 1 1s1-.45 1-1v-2c0-.55-.45-1-1-1s-1 .45-1 1zM5.99 4.58c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0s.39-1.03.0-1.41L5.99 4.58zm12.37 12.37c-.39-.39-1.03-.39-1.41.0-.39.39-.39 1.03.0 1.41l1.06 1.06c.39.39 1.03.39 1.41.0.39-.39.39-1.03.0-1.41l-1.06-1.06zm1.06-12.37-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0zM7.05 18.36l-1.06 1.06c-.39.39-.39 1.03.0 1.41s1.03.39 1.41.0l1.06-1.06c.39-.39.39-1.03.0-1.41s-1.03-.39-1.41.0z"/></svg>
|
||||
<svg class="theme-toggle__moon" viewBox="0 0 24 24" width="16" height="16" fill="currentColor"><path d="M21 12.79A9 9 0 1111.21 3 7 7 0 0021 12.79z"/></svg></button><div class="brand__auth brand__auth--desktop"><input type=checkbox id=auth-dropdown class=brand__auth-check>
|
||||
<label class=brand__auth-toggle for=auth-dropdown tabindex=0 aria-label="Account options"><svg viewBox="0 0 24 24" width="12" height="12" fill="currentColor"><path d="M12 12c2.7.0 4.8-2.1 4.8-4.8S14.7 2.4 12 2.4 7.2 4.5 7.2 7.2 9.3 12 12 12zm0 2.4c-3.2.0-9.6 1.6-9.6 4.8v2.4h19.2v-2.4c0-3.2-6.4-4.8-9.6-4.8z"/></svg></label><div class=brand__auth-links><a href=/login/ class="auth-link auth-link--login">Login</a>
|
||||
|
||||
Reference in New Issue
Block a user