A look at some arguments for and against public/private healthcare provision. Should healthcare be left to the free market or should the government provide universal healthcare? Arguments for Public Health Care Healthcare is not a profit maximising industry. Doctors and nurses don’t need financial incentives to do a good job but are motivated by aims …
Definition: Division of labour is an economic concept which states that dividing the production process into different stages enables workers to focus on specific tasks. If workers can concentrate on one small aspect of production, this increases overall efficiency – so long as there are sufficient volume and quantity produced. This concept was popularised by …
In economics producers – often referred to as firms or companies play a role in using inputs (different factors of production) and producing goods and services (output). Firms play a key role in deciding what to produce and how to produce. Different types of firms Individual entrepreneurs – self-employed individuals Private companies – often small/mid-sized …
Factors of production refer to the different elements that are used in producing goods and services. Factors of production are inputs into the productive process. The four main factors of production are: Land – this is raw materials available from mining, fishing, agriculture Capital – This is a manufactured item used to aid production, for …
Labour intensive refers to a production process where labour costs are the largest component. Labour intensive implies that capital (machines/factories) are a small percentage of the final cost. Labour intensity is the percentage of labour which is used in the production process. Labour intensive industries Certain industries and types of jobs tend to be more …
A tortoise economy refers to an economy that is barely growing – either economic growth is stagnant or growth is very slow. In particular, it has been used to describe a sluggish recovery from recession. In the aftermath of the great recession – 2007/08, many western economies experienced a very slow economic recovery. GDP was …
The World Trade Organisation is responsible for dealing with the rules of trade between nations at a global or near-global level. The WTO helps to resolve conflicts between nations and provide forums for agreeing over trade agreements and their implementation. The aim of WTO is to help trade flow as freely as possible, except where …
