Goods, service, capital.
what are the 3 types of economic resources
Economics is the social science that analyzes the production, distribution, and consumption of goods and services.
capital resources, human resources, & natural resources
The four key elements of economics are description, analysis, explanation, and prediction. Four elements of economics. 1. Alodium (earth) 2. Liberty (water) 3. Currency (air) 4. Resource (fire)
"Economics is a science which studies humans behavior as a relationship between ends and scares means which have alternative uses" 1.Multiple End 2.All wants are not equally important 3.Scarce resources (i) real resources (ii)monetary Resources 4.Alternative of resources
the 3 types of resources are natural resources human made resources
In economics they typically classify 4 types of resources: 1. Land (natural resources like water, trees, oil, etc.) 2. Labor (human) 3. Capital (money, loans, etc.) 4. Entrepreneurship (people who take the risk to start a business)
Water, fuel, vegetation
Five Baisc Problems of economics 1) Wat to Produce? 2) In what quantity ti be produced 3) How to Produce? 4) For whom to Produce? 5)How efficiently are the Resources being utilisec??
The 3 Economics questions are: 1) What to produce 2) For whom to produce 3) and How to produce.
1 identify the problem 2 make assumptions or hypothesis 3 gathering of data and information 4 data analysis 5 making a conclusion and recommendation
What is the Marginal Benefit? What is the Marginal Cost? At what point does the MB & MC equal out? (All needs & wants satisfied)