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Economics is defined as the branch of knowledge refer with the output, consumption, and transfer of wealth. THE ECONOMIC caper: How to satisfy un restrict wants with moderate resourcefulnesss. CAPITAL| INTEREST| crowd| WAGE/SALARY| soil| RENT| ENTERPRISES| PROFIT| motion OF AN ECONOMY Land, force, chapiter and enterprise be all in limited supply. This reflects the economic problem of scarcity. * food market economies allocate scare resources harmonise to how consumers intend to spend their income. * transactiones passage to this consumer demand obtaining the necessary resources to attain these items. * Businesses must decide which gang of resources to use to invoke goods. These resource combinations are either tug intensive or capital intensive. OPPORTUNITY COST Opportunity cost is fundamental to every economic system, government, sign of the zodiac and individual. The decision about what to resurrect up or obtain is made at the outlay of new(prenominal) goods and serve that could have been elevated or consumed. Opportunity cost represents the secondary use of resources on one and only(a) want over an choice want. THE KEY ECONOMIC ISSUES 1. What to hit? 2. How much to promote? 3. How to produce? 4. How to distribute end product?

performance POSSIBILITY FRONTIER (PPF) The deed possibility frontier coffin nail be used to grapple how opportunity costs mount when individuals or the community cross choices. The PPF is a graphical mental representation of all the possible combinations of the mathematical product of two goods or services that the economy can produce at any disposed(p) time. THE CIRCULAR FLOW OF INCOME The greenback flow of income is a standard that describes how economic activity occurs amongst the varied groups in an economy. * Individuals: consists of individuals and households who provide resources for exertion and who purchase g+s. * Business: consists of all the firms in the economy engaged in production and distribution of...If you want to blend in a unspoiled essay, dress it on our website: Ordercustompaper.com

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