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ECON 1540
Rebecca Jubis

ECON 1000 PRINCIPLES OF MICROECONOMICS Dr Y KONGI The Economic Problem Ch1 2 11 What is Economics 111 A Simple Model The Circle Flow1ECON1000DrYINGKONG 1The Four Factors Land Labour Capital and EnterpriseCapital all humanmade resources that can be used to produce goods and servicesEnterprise the human resource that innovates and takes risks 2 Two Sectors in a Free Market EconomyBusiness SectorHousehold Sector 3 Definitions Economics is the social science that studies the choices that individuals businesses governments and societies make as they cope with scarcity and the incentives that influence and reconcile those choices The subject is divided into two parts Microeconomics MacroeconomicsMicroeconomics Microeconomics is the study of choices made by individuals and businesses and the influence of government on those choicesMacroeconomics Macroeconomics is the study of the effects on the national and global economy of the choices that individuals businesses and governments make 112 The Two Basic Questions of EconomicsWhat How and For Whom Goods and services are the objects that people value and produce to satisfy wants 1 What What we produce changes over time2ECON1000DrYINGKONG 2 How Goods and services are produced by using productive resources that economists call factors of production Factors of production are grouped into four categories Land Labour Capital Entrepreneurship The quality of labour depends on human capital which is the knowledge and skill that people obtain from education onthejob training and work experience3ECON1000DrYINGKONG
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