Key Economic Compepts

In: Business and Management

Submitted By blaine
Words 1687
Pages 7
General Concepts
1. What is Economics
Economics is the study the production and distribution of goods and services, it is the study of human efforts to satisfy unlimited wants with limited resources. Thus dealing wiht the econimy these are the questions all nations must ask when dealing with scarcity and effcientlly allocating their resources :what to produce? How to produce? For whom to produce ?

2. What is Micro and Macro Economics
Micro economy studies how individuals and firms allocate these scarce resources to produce and distribute goods and services.Micro economics is the study of the different parts of the economy. Studying micro economics we are studying the individual sectors of the economy and how they operate. In macroeconomics, on the other hand, we look at the functioning of the economy as a whole,the study of the major economic

3. Factors of production and their prices.
Factors of production are those elements that a nations has at its disposal to deal with the issue of scarcity. How efficiently these are used determines the measure of success a nation has. They are land, capital, labor and entrepreneurs

Macroeconomics Concepts
4. Growth Models
Economic growth is a positive circumstance for any nation. It raises the standard of living, cuts down on government responsibilities, and alleviates many of the ills of society. Its aspects are :standard of living, the ability of the standard of living to increase people's free time, domestic problems, the ability to help other nations and the global role model.

5. Productivity and Production
Productivity is an economic measure of output per unit of input. Inputs include labor and capital, while output is typically measured in revenues and other GDP components such as business inventories. Productivity measures may be examined collectively (across the whole economy) or viewed industry by…...

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