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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:
Capital
Entrepreneur
Land
Labour
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)
Note 
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