What is economics ?

economics

the study to satisfy limited wants with unwanted resources

Macro

deals with the economy as a whole and decision making large units such as governments

needs

things you absolutely need for survival

wants

anything that is not basic for survival, to satisfy our unlimited wants we must make choices

resources needed to produce

land, labour, capital, entrepreneurship and technology

land

natural resources that exist without human intervention, deserts, fertile fields, forests

labor

any work people do to produce goods and services

Goods

tangible items that people can buy

Services

activities people do for a fee, affected by population, immigration and war