In this lesson we studied…

• Four factors of production: land / natural resources, capital resources, labour and entrepreneurship.
• Market structures: competitive, monopoly, monopolistic and oligopoly.
• Central questions that govern economic thinking, namely the five fundamental questions: What goods and services are produced and what quantities?; How are goods and services produced?; When are goods and services produced?; Where are goods and services produced?; Who consumes the goods and services produced?
• The principles governing efficient allocation of resources including concepts of supply and demand and market equilibrium or disequilibrium with shortages or surpluses.
• Competitive strategies as defined by Porter. These include being aware of and responding to the existence of substitutes, potential entrants, buyer’s power, supplier’s power and competitive rivalry.