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Understanding Basic Economics (Factor of Production (Natural resources,…
Understanding Basic Economics
Factor of Production
Natural resources
Human resources
Capital
Entrepreneurship
Knowledge
Economics Systems
Free-market system
Capitalism
Planned sytem
Socialism
Supply curve
Demand curve
Categories of Competition
Pure Competition
Monopolistic Competition
Oligopoly
Pure Monopoly
Regulated Monopoly
Types of Unemployment
Frictional Unemployment('natural flow in and out of jobs)
Structural Unemployment (mismatch between workers' sills and current employer needs)
Cyclical Unemployment(economic fluctuations)
Seasonal Unemployment(seasonal fluctuations in customer demand)
Government's role in a free-market system
Protecting stakeholders
Fostering competition
Encouraging innovation and economic development
Stabilizing and stimulating the economy
Economics Measures and Monitors
Economic indicators(measure performance of economy.-leading,lagging)
CPI (measures changes in prices of representative collection of consumer goods & services)
PPI(measure price trends a producer and whlesaler level)
