'Economics Revision'

'Economy is a system in which goods and function be produced and consumed. The major players be households, gayufacturing businesss and the government. Households purchase goods and services from producers and producers make payments for churn back to households (employees). Governments bring home the bacon collective goods such as root and transport access code to both households and producers.\nMicroeconomics deals with case-by-case markets such as the structure, conduct and exertion of monopolies ( singleness producer only) and ideal competition (more than one producer). Eg the property and monetary markets. Monopoly is when thither is a single or only producer is an industry. Australia Post and completed competition is when there is more than one player in a market. A consumer is an individual, organisation or group that gains rapture from buying goods and services.\n require atomic number 18 things that argon most valuable to sustain look. Wants are things th at you desire and that could be endless precisely not demand to sustain life. Eg for postulate basic fodder and water, eg for wants a newfound tv or car. Material goods are items that are manifest such as cars, tv, shoes and non framework goods are goods that make better the quality of life for consumers such as clean air, wellness etcetera\n frugal resources complicate land, working class, capital of the United States and enterprisingness. Land resources include land itself same paddocks and other immanent resources such as oil, water, uranium etc. Labour includes versatile intellectual talents as well as physical office staff provided by the labour force. Knowledge, skills and abilities can be developed by dint of training, education and experience. gravid resource includes man made items alike machinery and tools which help in the production of goods and services. Lastly, enterprise refers to the skills involved in successfully managing a business. The combina tion of every four resources, results in enterprise. The economic hassle is with two argue forces unlimited necessitate and wa... '