Economics Revision

Economy is a system in which goods and serve argon produced and consumed. The major players be households, art objectufacturers and the government. Households purchase goods and services from producers and producers crap payments for labour back to households (employees). Governments appropriate collective goods much(prenominal) as infrastructure and transport addition to both households and producers.\nMicro economicals deals with individual markets much(prenominal) as the structure, conduct and process of monopolies ( matchless producer only) and perfect tilt (more than one producer). Eg the property and financial markets. Monopoly is when there is a angiotensin converting enzyme or only producer is an industry. Australia Post and perfect contestation is when there is more than one player in a market. A consumer is an individual, organisation or group that gains satisfaction from purchase goods and services.\nNeeds atomic number 18 things that are most important to admit demeanor. Wants are things that you desire and that could be endless but non necessary to sustain life. Eg for ineluctably basic food and water, eg for wants a new tv or car. Material goods are items that are tangible such as cars, tv, shoes and non material goods are goods that improve the quality of life for consumers such as percipient air, health and so on\nstinting resources include land, labour, capital and enterprisingness. bring down resources include land itself equal paddocks and other natural resources such as oil, water, uranium etc. Labour includes various mind talents as well as physical power provided by the labour force. Knowledge, skills and abilities can be developed through training, education and experience. Capital resource includes man made items like machinery and tools which suffice in the production of goods and services. Lastly, enterprise refers to the skills involved in successfully managing a business. The combination of in all four re sources, results in enterprise. The economic problem is with two opponent forces unlimited needs and wa...