Economics Revision

Economy is a arrangement in which goods and services atomic number 18 produced and consumed. The major pseudos be households, manufacturing businesss and the government. Households buy goods and services from producers and producers make payments for wear down back to households (employees). Governments provide embodied goods such(prenominal) as substructure and transport access to both households and producers.\nMicroeconomics deals with individual markets such as the structure, conduct and performance of monopolies ( unity producer only) and perfect competition (more than one producer). Eg the property and financial markets. Monopoly is when thither is a single or only producer is an industry. Australia stomach and perfect competition is when there is more than one player in a market. A consumer is an individual, organisation or separate that gains satisfaction from buying goods and services.\n needs are things that are near important to sustain life. Wants are things th at you desire and that could be dateless but not demand to sustain life. Eg for needs prefatory food and water, eg for wants a revolutionary tv or car. somatic goods are items that are glaring such as cars, tv, post and non material goods are goods that reform the quality of life for consumers such as clean air, health etc.\nEconomic resources complicate land, labour party, capital and enterprise. Land resources accommodate land itself like paddocks and opposite natural resources such as oil, water, uranium etc. jab includes various intellectual talents as well as strong-arm power provided by the labour force. Knowledge, skills and abilities can be demonstrable through training, education and experience. slap-up resource includes man do items like machinery and tools which help in the production of goods and services. Lastly, enterprise refers to the skills mingled in successfully managing a business. The combination of all quaternary resources, results in enterpr ise. The economic riddle is with two opposing forces unconditioned needs and wa...