ECONOMICS - CHAPTER 1

HELLO GUYS,, IN THIS BLOG I WILL EXPLAIN ABOUT ECONOMICS

What is ecomics? Economics is the academic dislipline most discussed by the general public. it is also one of the least understood.

RESOURCES AND OUTPUT

1. resources which economics generally divide into three categories. land, capital, labor.
2. land is general term encompassing more than a country's soil. Land includes all natural resources.
3. capital refers to inputs produce by humans ex: factories, tools, and the other
4. labor consists of the physical and mental abilities of workers 

sometimes enterpreneurship is considered a fourth resources categories, althought it is commonly viewed as a subset of labor....

enterpreneurship ==> an individual who organizes resources for production, introduce now products or techniques of production, and reaps the reward / bears the consequences of such endeavors.

ECONOMICS AS A STUDY OF SCARCITY 

SCARCITY OF RESOURCES is means insufficients resources are available to produce all goods and services desired by consumers.

in fact humans wants are seemingly unlimited. Although we may initially ask only for life's necesities, once they are within reach we tend to crave richer foods, more stylish, clothing, larger, homes, and assorted luxuries. Even then our wish list continues to grow. No matterhow affluent the individual, invariably something else is desired....