Introduction to economics
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Last updated 12:12 PM on 9/13/23
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9 Terms
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Microeconomics:
A branch of economics which studies the behaviour of individuals and firms in particular markets
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Macroeconomics:
A branch of economics which studies the behaviour of the government and the economy as a whole
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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
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The basis of the study of economics:
microeconomics and macroeconomics
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The nine central concepts of the economics course:
@@**W**@@ell-being
@@**I**@@nterdependence
@@**S**@@carcity
@@**E**@@fficiency
\
@@**Cho**@@ices
@@**I**@@ntervention
@@**C**@@hange
@@**E**@@quity
@@**S**@@ustainability
@@**I**@@nterdependence
@@**S**@@carcity
@@**E**@@fficiency
\
@@**Cho**@@ices
@@**I**@@ntervention
@@**C**@@hange
@@**E**@@quity
@@**S**@@ustainability
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Define Factors of Production
refer to the resources required to produce goods and services
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Factors of Production:
@@**C**@@**apital**
@@**E**@@**ntrepreneur**
@@**L**@@**and**
@@**L**@@**abour**
@@**E**@@**ntrepreneur**
@@**L**@@**and**
@@**L**@@**abour**
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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)
Entrepreneur - the skill of organising the three other factors of production
Land - natural resources
Labour - human resources (workers)
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