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Essay Details:
Essay text:
Micro-economic: Study of one single factor of economy. (Mobile co.)
2. Macro Economic: Study of the entire economy.
Economic Decisions: (2 major economic makers)
1. Consumers (buy goods and services).
2. Producers (provide goods and services).
- The network of these decisions is the basis of all the economic theory.
Economic classify:
1. Goods (needs necessary for survival)
2. Wants (needs beyond what is necessary for survival).
Products:
- Goods (something physical). - Services (activities).
Economic resources:
A resource: Anything that people use to obtain What they need or want.
Resources are used to produce goods and services, They are called factors of production...
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