#schooldom

wanna laugh

HAHA.

Economics is the study of scarcity and choice. It helps us make the best use of our scarce resources to satisfy our unlimited wants.  WANTS;; wants is things that are not essential to our survival, but for our happiness and comfort.  [ fashion clothes & toys ] NEEDS;; needs are things that are essential to our survival.  [ basic food, clothes, shelter & medical care ]                                             3 BASIC ECONOMIC QUESTIONS;;                      001. what to produce?                      002. for whom to produce?                      003. how and how much to produce?                                                 O P P O R T U N I T Y C O S T             opportunity cost is the next best alternative forgone in order to get                       something else. that forgone thing is opportunity cost.      // factors of production // resources are used to produce goods and services which satisfy our wants. rsources are limited/scarce.         LAND  |  All natural resourced used in producing goods & services |  RENT   LABOUR |  The physical and human effort used in producing goods    |                    |        & services                                                                                 |  WAGE  CAPTIAL  |  Man made resources used in producing goods & services | INTEREST  ENTREPRENEUR | Controls land labour & capital for producing                                       goods and serives & takes the risk of business. | PROFIT

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