Economics · Year 2 · Week 8
The Concept of Cost
- Strand
- Firms’ Innovative Decision Making
- Sub-strand
- Production of Goods and Services
- Content standard
- Apply knowledge and understanding of production to pricing of goods
- Learning outcome
- Use information gathered from the environment to determine the time periods, TP, AP, MP, labour and capital-intensive methods and the cost of production
- Learning indicator
- Apply the concept of cost to calculate average, total and marginal costs
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