Economics
Do you remember the example by which I began the lesson?
Humans have unlimited wants, but the resources provided to us are limited. How does our wants are met?
Micro means
small
Macro means
wide
This happens when the business's resources are used to the fullest or simply put - Efficiently.
True of False
true
What are the two system in Mixed economy?
Capitalist and Socialist system.
meaning of economics
Economics is the study of scarcity and needs. It studies the limited resources which have alternative uses and ways to use these limited resources to meet society’s unlimited wants.
Micro Economics involves who?
House hold, Seller, Buyer, individual buyers.
Macro Economics involves?
the nation as a whole.
When does the cost per unit decreases?
When there is a increase in production.
What are Capitalist system?
Market based economics system were privatization with limited government intervention.
Who are the two most Economist?
Adam smith and John Maynard Keynes.
In Marco the A stands for?
Aggregate.
Give me an example of Economies of Scales
the rent of a factory is fixed no matter the number of goods produced, then the production of more goods would mean the cost of goods per unit will be less.
What are socialist system?
Regulated economics system with more government economic activities.
examples of countries that follows capitalist and socialist system.
Capitalist system:
US, UAE, India.
Socialist System:
China.