Wants: Needs and desires for Goods + Services. (G + S).
1) Wants are Unlimited.
a) Wants may be satisfied by consuming G + S.
b) Resources are required to produce G + S.
2) Resources are limited/Scarce.
Most for the least.
Unlimited} = Choices
Limited/Scarce} = Choices
-Best use of Scarce Resources.
-Efficient Resource allocation.
Minimize the Opportunity Cost:
-When a Choice is made.
1) Microeconomics: -Specific/Individual.
2) Macroeconomics: -Aggregates; the entire economy.
Positive Statements: Facts; What is.
Normative Statements: Opinion; What ought to be.
Resources/Inputs/Factors of Production:
1) Land: All Natural Resources on/under the earth, in air and in water.
2) Labour: All physical/mental, skilled/unskilled work.
3) Capital: All man-made tools, machines, equipment etc, used for further production.
4) Enterprise: Combines/directs all other resources.
1) Demand Goods + Services.
2) Supply Resources. Busi