OUR ECONOMY (CH. 33. SCARITY AND CHOICE (FACTORS OF PRODUCTION (LABOUR…
CH. 33. SCARITY AND CHOICE
WHAT IS ECONOMICS ?
ECONOMICS is the study of how people, businesses and governments with limited resources make choices in order to satisfy their needs
ECONOMIC RESOURCES are the factors or inputs used to produce and distribute goods and services
NEEDS, WANTS,AND CHOICES
A need is something that is necessary for survivals, e.g. food, water, shelter.
A want is anything that we would like to have but not need to survive, e.g. a holiday, a car
FACTORS OF PRODUCTION
the factors of production are the economic resources needed to produce goods and services
CH.34. DISTRIBUTION OF ECONOMIC RESOURCES
WHAT IS AN ECONOMY?
the structure or conditions of economic life in a country, area, or period; also : an economic system. How to use economy in a sentence.
Economics resources are those scarce resources which help in the production of goods and services.
An economic system is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.