economic

hail! hail! hail!
economic - human use use its scarce resources to satisfy unlimited wants.
limited resources unlimited wants
land government depends on individual n in group
capital goods consumer
labour

scarcity of resources + unlimited wants = economic problem(resources are scarce relative to unlimited wants.

choice making---opurtubity cost (appear) ;wat u give up to get smth else

Good & Services wants & neccessarily resources
+tangible +consultation a)individual b)collective a) land
b)labour
c)capital good


there is 2 thing that control the market- we say that -government(set the rule of the market)
-consumer sovereignty(vote for particular good)
Both of this led to production of good by firms..