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ECONOMICS (Alot of the times prices change this happens because of ....…
ECONOMICS
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Economics is the study of how we make the best possible use of the worlds scarce resources in order to satisfy the requirements of as many people as possible
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Capital is anything that is made by humans that is then used to help to produce other goods and services. Payment =interest
Enterprise is that special form of human activity that organises the other factors of production and bears the risk involved. Payment =profit
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GDP= gross domestic product is the total amount of goods and services produced in one economy in one period
GNP= gross national product id the GNP less profits sent out of the country by foreign owned companies located in the country plus profits returned to the country by local firms based abroad
Economic growth occurs when more goods are produced in a country one year than were produced in the previous year
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The national budget is the governments estimate of its income and and expenditure for the upcoming year
It happens once every year usually in September the decide the prices of items such as petrol for the upcoming year and discuss imporant decisions
