1st class
Economics:Economics is the science of how indeviduals and societies deal with that fact wants are greater than the limited resources available to satisfy those want.
There are two main types of economics: macroeconomics and microeconomics
1.Macroeconomics – The branch of economics that deals with human beh...aviour and choices us they relateto highly aggregate market . Macroeconomics such as national income and savings, gross domestic product, gross national product, consumer and producer price indexes, consumption, unemployment, foreign trade, inflation, investment and international finance.
2.Microeconomics – The branch of economics that deals with human behaviour and choices us they relate to relatively small units.example an individual,a firm,an industry,a singe market.
some key concepts of economics:
*good-anything that give a person utility or satisfaction.A good can be Tangible or intangible.
if a computer give u satisfaction,that is good, n so it is Tangible.
if friendship give u satisfaction,then it is good,we called it intangible
*Bad-something that give a person disutility or dissatisfaction.
*Utility-the satisfaction one receives from good.
*Disutility-the dissatisfaction one receive from a bad.
Resources-Thing used to produce other good or service.Resources r divide into four categories.
1.Land-all natural resources,as like Water,forests etc.
2.Capital--like as factories,machinery,tools,computer ect
3.Entrepreneurship
4.labor
Best of luck all eco101 student
Economics:Economics is the science of how indeviduals and societies deal with that fact wants are greater than the limited resources available to satisfy those want.
There are two main types of economics: macroeconomics and microeconomics
1.Macroeconomics – The branch of economics that deals with human beh...aviour and choices us they relateto highly aggregate market . Macroeconomics such as national income and savings, gross domestic product, gross national product, consumer and producer price indexes, consumption, unemployment, foreign trade, inflation, investment and international finance.
2.Microeconomics – The branch of economics that deals with human behaviour and choices us they relate to relatively small units.example an individual,a firm,an industry,a singe market.
some key concepts of economics:
*good-anything that give a person utility or satisfaction.A good can be Tangible or intangible.
if a computer give u satisfaction,that is good, n so it is Tangible.
if friendship give u satisfaction,then it is good,we called it intangible
*Bad-something that give a person disutility or dissatisfaction.
*Utility-the satisfaction one receives from good.
*Disutility-the dissatisfaction one receive from a bad.
Resources-Thing used to produce other good or service.Resources r divide into four categories.
1.Land-all natural resources,as like Water,forests etc.
2.Capital--like as factories,machinery,tools,comp
3.Entrepreneurship
4.labor
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