Please enable JavaScript.
Coggle requires JavaScript to display documents.
Statistics - Chapter 1 - Introduction - Coggle Diagram
Statistics - Chapter 1 - Introduction
Defenitions
Economics:
The study of man in the ordinary business of life. - Alfred Marshall.
Consumer:
Someone who consumes products to satisfy their wants or needs.
Producer:
Someone who produces commodities to satisfy the want and needs of consumers and to generate income.
Seller:
Someone who sells produced goods or services for profit.
Service holder:
(employee) Someone who performs jobs for someone else in exchange for salaries / wages
Service provider:
A person who provides a service to others for a payment.
Economic Activity:
Any activity done with the motive of earning money.
Policies:
Measures that help solve an economic Problem
Economics:
The study of how a society chooses to utilize scarce resources that may have alternate uses to satisfy the wants and distribute them for consumption amongst various people in society.
Chooses
Scarce resources
Alternate uses
Satisfy wants
Distribute
Consumption
Economics studies:
Distribution:
How is national income and GDP distributed?
Production:
How do producers decide what to produce, how to produce it and what price to sell it at?
Consumption:
How consumers choose to buy a product given various choices?
Other:
Poverty, Unemployment and other socio-economic problems.