Introduction to economics

Microeconomics:

A branch of economics which studies the behaviour of individuals and firms in particular markets

Macroeconomics:

A branch of economics which studies the behaviour of the government and the economy as a whole

What type of science is economics?

Social science - studies the behaviour of individuals and societies when allocating scarce resources to meet unlimited needs and wants

The basis of the study of economics:

microeconomics and macroeconomics

The nine central concepts of the economics course:

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Define Factors of Production

refer to the resources required to produce goods and services

Factors of Production:

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Define the factors of Production

Capital - man-made resources

Entrepreneur - the skill of organising the three other factors of production

Land - natural resources

Labour - human resources (workers)