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basic economic
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its an overview notes about basic economic concept it talks about 4 factors of production
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Class notes Business Management The Economics Book
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Basic economic concepts :What is economics ?
is the study of how people use Heir resources
Or the study of how people satisfy their needs and wants
what is the difference between need and wants ?
Need: essential for living.
want: item that a person want but it is not essential
what are the two types of economics?
#1: Micro-economics:
studies individual economic unit[study of the choices made
by..Person,houshold,firm,industry]
- The market for one Product
- studies the tree v.s the forest
#2: Macroeconomics:
studies the entire economy or its basic subdivision like the government, business, or
houshold sectors.
-avoid value judgments
-Statement can be tested for accuracy
-The forest v.s the trees
differentiate between Positive and Negative economics:
Positive economics =
- Focuses on facts
-Avoid value judgment
-Statement can be tested for accuracy
Normative economics =
- Focuses on opinion.
-uses value judgment.
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