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Resource, Production and Scarcity, Phonwat Teeralertpanich M.1/7 No.41 -…
Resource, Production and Scarcity
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Factors of Production
- Enterprise = Fourth factory of production
- Land = Natural Resources
- Labour = Help enterprise
- Capital = The original refer to money or things needed generally refers to start and sustain a business.
Production, Consumption and distribution are the basic activities of any economic unit.
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Branches of economics
Microeconomics studies behavior of individual economic units (like households, firms and consumers) in an economy
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Macroeconomics studies behavior the economy as a whole, focusing on large-scale or national production of goods and services.Macroeconomics help government s formulate economic policies and strategies.
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Renewable, Non- Renewable
Renewable = unlimited
Non-renewable = limited
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