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ECONOMICS (FACTORS OF PRODUCTION (CELL) (Land (natural resources (Non…

- - - - Non-renewable resources
      - Renewable resources
- - - - Producer goods
        
        Final
        
        Closet
        
        Intermediate
        
        Wood
      - Consumer
        
        Non-durable
        
        Drinks, food, anything that lasts less than 2 or 3 years
        
        Durable
        
        Laptop, fridge, etc.
      - Capital
        
        They are used in the production of producer goods
        
        Machinery such as generators, excavators, vehicles
    - - Economic goods
        
        We don’t have to make any effort to get them
        
        (air, water, intellectual ideas, etc.)
      - Free goods
        
        We need to transform to get them
    - - Public
        
        Education, health care, water services
      - Private
        
        Car, watch, glasses
- - - - Psychological
        
        Need for nurturing, independence and achievement
    - - Biological demands
        
        Oxygen, food and water
- - - - Positive or normative
      - Microeconomics or macroeconomics
        
        Macroeconomics
        
        Global economy
        
        Microeconomics
        
        Individual agents
        
        Government
        
        Firms
        
        Households
- - - - Three major questions they have to make
        
        What goods and services should be produced and in what quantities?
        
        How best to produce goods and services?
        
        For whom are the various goods and services produced?