Economics Revision

Economy is a schema in which goods and services ar produced and consumed. The major workers ar households, manufacturers and the government. Households procure goods and services from producers and producers make payments for boil back to households (employees). Governments provide corporate goods much(prenominal) as understructure and transport access to both(prenominal) households and producers.\nMicroeconomics deals with individual markets such as the structure, conduct and performance of monopolies ( matchless producer only) and perfect competition (more than one producer). Eg the property and financial markets. Monopoly is when there is a single or only producer is an industry. Australia power and perfect competition is when there is more than one player in a market. A consumer is an individual, organisation or free radical that gains satisfaction from buying goods and services.\n postulate are things that are around important to sustain life. Wants are things th at you desire and that could be timeless but not necessity to sustain life. Eg for needs canonic food and water, eg for wants a unused tv or car. genuine goods are items that are veridical such as cars, tv, tog and non material goods are goods that correct the quality of life for consumers such as clean air, wellness etc.\nEconomic resources accommodate land, apprehend, capital and enterprise. Land resources admit land itself like paddocks and new(prenominal) natural resources such as oil, water, uranium etc. hollow includes various intellectual talents as well as material power provided by the labour force. Knowledge, skills and abilities can be veritable through training, education and experience. cap resource includes man do items like machinery and tools which help in the production of goods and services. Lastly, enterprise refers to the skills conglomerate in successfully managing a business. The combination of all quartet resources, results in enterprise. Th e economic line is with two opposing forces countless needs and wa...